0001013762-15-000849.txt : 20150814 0001013762-15-000849.hdr.sgml : 20150814 20150814161543 ACCESSION NUMBER: 0001013762-15-000849 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150814 DATE AS OF CHANGE: 20150814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRONE AVIATION HOLDING CORP. CENTRAL INDEX KEY: 0001178727 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-150332 FILM NUMBER: 151056028 BUSINESS ADDRESS: STREET 1: 11653 CENTRAL PARKWAY CITY: JACKSONVILLE, STATE: FL ZIP: 32224 BUSINESS PHONE: (904) 245-1788 MAIL ADDRESS: STREET 1: 11653 CENTRAL PARKWAY CITY: JACKSONVILLE, STATE: FL ZIP: 32224 FORMER COMPANY: FORMER CONFORMED NAME: MACROSOLVE INC DATE OF NAME CHANGE: 20020725 10-Q 1 f10q0615_droneaviation.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2015

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from _________ to _________

 

Commission file number: 333-150332

 

DRONE AVIATION HOLDING CORP.

(Exact name of registrant as specified in its charter)

 

Nevada   46-5538504
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

 

11651 Central Parkway #118, Jacksonville, FL 32224

(Address of principal executive offices) (zip code)

 

(904) 834-4400

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☐ No ☒

 

Note: The Company is a voluntary filer but has filed all reports it would have been required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months if it was a mandatory filer.

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer ☐  Accelerated filer ☐
 Non-accelerated filer ☐  Smaller reporting company ☒
(Do not check if a smaller reporting company)  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

 

As of August 14, 2015 there were 81,901,034 shares of the registrant’s common stock outstanding. 

 

 

 

 
 

 

DRONE AVIATION HOLDING CORP.

 

INDEX
       
PART I. FINANCIAL INFORMATION  
       
  ITEM 1 Financial Statements 1
       
    Balance Sheets as of June 30, 2015 (Unaudited) and December 31, 2014 2
       
    Statements of Operations for the three months and six months ended June 30, 2015 and 2014 (Unaudited) 3
       
    Statements of Cash Flows for the six months ended June 30, 2015 and 2014 (Unaudited) 4
       
    Notes to Interim Unaudited Financial Statements 5
       
  ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
  ITEM 4. Controls and Procedures 14
       
PART II. OTHER INFORMATION  
       
  ITEM 1. Legal Proceedings 15
  ITEM 1A. Risk Factors 15
  ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
  ITEM 6. Exhibits 17
       
  SIGNATURES 18

 

 
 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

DRONE AVIATION HOLDING CORP.

 

Interim Unaudited Financial Statements

 

For the Period Ended June 30, 2015

  

1
 

 

DRONE AVIATION HOLDING CORP.

CONSOLIDATED BALANCE SHEETS

 

   6/30/2015   12/31/2014 
   (Unaudited)     
ASSETS        
         
CURRENT ASSETS:        
Cash  $1,112,412   $1,369,896 
Accounts receivable - trade   18,260    30,170 
Inventory   132,372    39,404 
Prepaid expenses and deposits   85,441    50,169 
           
Total current assets   1,348,485    1,489,639 
           
PROPERTY AND EQUIPMENT, at cost:   98,106    34,064 
Less - accumulated depreciation   (12,200)   (7,040)
           
Net property and equipment   85,906    27,024 
           
OTHER ASSETS:          
Goodwill   99,799    99,799 
Intangible assets, net   82,147    103,609 
           
Total other assets   181,946    203,408 
           
TOTAL ASSETS  $1,616,337   $1,720,071 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
CURRENT LIABILITIES:          
Accounts payable - trade and accrued liabilities  $44,181   $64,383 
Accounts payable due to related party   1,442    2,181 
Deferred revenue   129,575    - 
Note Payable - Oklahoma Technology Commercialization Center- Current   110,000    110,000 
           
Total current liabilities   285,198    176,564 
           
TOTAL LIABILITIES  $285,198   $176,564 
           
COMMITMENTS AND CONTINGENCIES   -    - 
           
STOCKHOLDERS' EQUITY (DEFICIT):          
Convertible Preferred stock, Series A, $.0001 par value; authorized 595,000 shares; 230,221 and 396,750 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively  $23   $40 
Convertible Preferred stock, Series B, $.0001 par value; authorized 324,671 shares; 324,671 and 324,671 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   32    32 
Convertible Preferred stock, Series B-1, $.0001 par value; authorized 156,231 shares; 68,731 and 68,731 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   7    7 
Convertible Preferred stock, Series C, $.0001 par value; authorized 355,000 shares; 325,400 and 345,400 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   33    35 
Convertible Preferred stock, Series D, $.0001 par value; authorized 36,050,000 shares; 27,650,000 and 36,050,000 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   2,765    3,605 
Convertible Preferred stock, Series E, $.0001 par value; authorized 5,400,000 shares; 5,400,000 and 5,400,000 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   540    540 
Convertible Preferred stock, Series F, $.0001 par value; authorized 3,300,999 shares; 3,300,999 and 3,300,999 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   330    330 
Convertible Preferred stock, Series G, $.0001 par value; authorized 8,000,000 shares; 4,000,000 and 0 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   400    - 
Common stock, $.0001 par value; authorized 300,000,000 shares; 66,131,014 and 37,078,114 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively   6,613    3,708 
Additional paid-in capital   7,304,528    3,698,618 
Retained Earnings (Deficit)   (5,984,132)   (2,163,408)
           
Total stockholders' equity   1,331,139    1,543,507 
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $1,616,337   $1,720,071 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

2
 

 

DRONE AVIATION HOLDING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

   For the Three Months
Ended
   For the Six Months
Ended
 
   6/30/2015   6/30/2014   6/30/2015   6/30/2014 
                 
Revenues  $67,602   $124,976   $82,808   $354,326 
                     
Cost of good sold   26,428    104,339    34,545    243,577 
                     
Gross profit   41,174    20,637    48,263    110,749 
                     
General and administrative expense   2,927,614    97,682    3,868,721    187,382 
                     
Loss from operations   (2,886,440)   (77,045)   (3,820,458)   (76,633)
                     
Other income (expense)                    
Loss on sale and impairment of securities held for resale   -    (42,821)   -    (42,821)
Loss on derivative liability   -    (269,981)   -    (269,981)
Interest income   -    67    -    67 
Interest expense   (133)   (1,439)   (266)   (1,940)
                     
Total other expense   (133)   (314,174)   (266)   (314,675)
                     
NET LOSS  $(2,886,573)  $(391,219)  $(3,820,724)  $(391,308)
                     
Deemed dividend on Series G convertible preferred stock   80,000    -    80,000    - 
                     
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS  $(2,966,573)  $(391,219)  $(3,900,724)  $(391,308)
                     
Weighted average number of common shares outstanding - basic and diluted   52,566,198    8,019,384    46,518,311    4,031,845 
                     
Basic and diluted net loss per share  $(0.06)  $(0.05)  $(0.08)  $(0.10)

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

3
 

 

DRONE AVIATION HOLDING CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

For the Six Months Ended June 30,  6/30/2015   6/30/2014 
OPERATING ACTIVITIES:        
Net loss  $(3,820,724)  $(391,308)
Adjustments to reconcile net loss to net cash used in operating activities:          
Loss on disposal and impairment of available-for-sale securities   -    42,821 
Loss on derivative liability   -    269,981 
Depreciation   5,160    181 
Amortization   21,462    - 
Stock based compensation   2,608,356    - 
Changes in current assets and liabilities:          
Accounts receivable   11,910    (98,760)
Inventory   (92,968)   20,215 
Prepaid expenses and other current assets   (35,272)   (21,819)
Accounts payable and accrued expense   (5,927)   (169,040)
Due from related party   (739)   20,216 
Deferred revenue   129,575    258,968 
           
Net cash used in operating activities   (1,179,167)   (68,545)
           
INVESTING ACTIVITIES:          
Cash paid on business combination, net   -    (304,639)
Cash from reverse merger   -    1,629,263 
Cash from sales of available-for-sale securities   -    168,704 
Purchase of furniture and equipment   (64,042)   - 
           
Net cash (used in) provided by investing activities   (64,042)   1,493,328 
           
FINANCING ACTIVITIES:          
Proceeds from common stock issued for cash   -    653,327 
Redemption of Series B-1 preferred stock   -    (350,000)
Series G preferred stock issued for cash   985,725    - 
           
Net cash provided by financing activities   985,725    303,327 
           
NET (DECREASE) INCREASE IN CASH   (257,484)   1,728,110 
           
CASH, beginning of period   1,369,896    - 
           
CASH, end of period  $1,112,412   $1,728,110 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid during the quarters ended June 30:          
Interest  $266   $1,429 
           
Noncash investing and financing activities for the quarters ended June 30:          
Conversion of Series A preferred stock to common stock  $1,665   $381 
Conversion of Series C preferred stock to common stock  $200   $- 
Conversion of Series D preferred stock to common stock  $840   $- 
Reverse merger adjustment  $-   $(2,116,221)
Business combination adjustment  $-   $79,000 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

4
 

 

Drone Aviation Holding Corp.

Notes to Interim Unaudited Financial Statements

 

For the Period Ended June 30, 2015 

 

1.BASIS OF PRESENTATION

 

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The financial statements as of December 31, 2014 have been audited by an independent registered public accounting firm. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s 10K for the calendar year ended December 31, 2014.

 

2.RELATED PARTY TRANSACTIONS

 

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

Aerial Products Corp (“APC”) is a related party, controlled by a current employee of the Company. APC shared the manufacturing facilities with LTAS and provided aerostat envelopes and manufacturing labor to Lighter Than Air Systems (LTAS) until June 30, 2014 when the APC labor pool transitioned to the Company. The accounts payable due to related party at December 31, 2014 included allocated rent and utility charges, aerostat envelopes, truck expenses and labor charges due of $2,181. An additional $2,876 in similar expenses was incurred in the first two quarters of 2015. A total of $3,615 was paid to APC in the first quarter. The amount payable to APC at June 30, 2015 is $1,442. Additionally during the first quarter of 2015, the Company acquired used industrial sewing machines and used furniture and fixtures from APC for $6,500.

 

3. PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at cost when acquired.  Depreciation is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, hardware and software and leasehold improvements.   During the six months ended June 30, 2015, the Company invested $20,950 in shop machinery and equipment, $8,931 in computers and electronics, $19,392 office furniture and fixtures and additional $14,769 in leasehold improvements. Depreciation expense was $5,160 and $181 for the six months ended June 30, 2015 and 2014, respectively. Property and equipment consists of the following at June 30, 2015 and December 31, 2014:

 

     June 30,
2015
   December 31,
2014
 
  Shop Machinery and equipment  $40,904   $19,954 
  Computers and electronics   21,006    12,075 
  Office furniture and fixtures   21,427    2,035 
  Leasehold improvements   14,769    - 
      98,106    34,064 
  Less - accumulated depreciation   (12,200)   (7,040)
     $85,906   $27,024 

 

5
 

  

4. INTANGIBLE ASSETS

 

On May 5, 2014, the Company acquired Lighter Than Air Systems (LTAS). In accordance with ASC 805-10 Business Combination and purchase acquisition accounting, the Company initially allocated the consideration to the net tangible and identifiable intangible assets, based on their estimated fair values as of the date of acquisition. The fair value of the LTAS customer list was determined by using a discounted cash flow model and $135,550 was recorded on the date of the business combination. The Company recorded $31,941 of amortization expense for the year ended December 31, 2014 and an additional amortization expense of $21,462 in the first half of 2015.

 

5. SHAREHOLDERS’ EQUITY

 

The Company issued a total of 29,052,900 common shares during the first half of 2015, described further as follows:

 

The Company issued 8,630,000 shares of common stock between January 1 and March 31, 2015 pursuant to conversions of an aggregate of 86,300 shares of Series A preferred stock.

 

The Company issued 8,022,900 shares of common stock between April 1 and June 30, 2015 pursuant to conversions of an aggregate of 80,229 shares of Series A preferred stock.

 

The Company issued 2,000,000 shares of common stock between April 1 and June 30, 2015 pursuant to conversions of an aggregate of 20,000 shares of Series C preferred stock.

 

The Company issued 8,400,000 shares of common stock between April 1 and June 30, 2015 pursuant to conversions of an aggregate of 8,400,000 shares of Series D preferred stock.

 

On June 1, 2015, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to the Chairman of the Board for twenty-four months services pursuant to a Director Agreement. The Chairman can earn a pro rata portion of the shares, calculated on a twenty-four month vesting period, in the event the Chairman relinquishes his position and board seat prior to the expiration date of the Director Agreement. The Company recognized a total of $22,500 expense for the pro rata portion of shares earned by the Chairman by June 30, 2015.

 

On August 27, 2014, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to two members of its Strategic Advisory Board for twelve months services. The advisors can earn a pro rata portion of the shares, calculated based on the twelve-month vesting period, in the event the service agreements are terminated prior to the expiration date as described in the agreements. The Company recognized a total of $323,333 expense for the pro rata portion of shares earned by the two advisors during the six months ended June 30, 2015 and has recognized a total of $450,000 since August 27, 2014.

 

6
 

 

6. PREFERRED STOCK

 

All of the preferred stock of the Company is convertible into common shares. The Series A and Series C stock conversion ratio is 1 to 100 common shares. The Series B, B-1, D, E, F and G stock conversion ratio is 1 to 1 common share. The conversion price of Series B stock may be adjusted if a ‘dilutive triggering event’ occurs which could happen if the Company were to sell or issue common stock, warrants or convertible securities without consideration or for a consideration per share less than the conversion price in effect immediately prior to such sale or issue (dilutive triggering price). In such case, the Series B conversion price would be reduced to a price equal to the dilutive triggering price. All preferred stock has voting rights equal to the number of shares it would have on an ‘as if converted’ basis subject to any ownership limitations governing such preferred shares. All preferred stock is entitled to dividends rights equal to the number of shares it would have on an ‘as if converted’ basis. None of the preferred stock is redeemable, participating nor callable.

 

The Company analyzed the embedded conversion option for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the conversion option should be classified as equity.

 

The Company analyzed the conversion option for beneficial conversion features consideration under ASC 470-20 “Convertible Securities with Beneficial Conversion Features” and noted Series F stock contained a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was determined to be $192,558. The beneficial conversion feature was fully amortized and recorded as a deemed dividend during the year ended December 31, 2014. The Series G stock issued during current quarter also contained a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was determined to be $80,000. The beneficial conversion feature was fully amortized and recorded as a deemed dividend during the six months ended June 30, 2015.

 

Between January 1 and June 30, 2015, seven investors in Series A preferred stock converted a total of 166,529 shares of Series A for an aggregate of 16,652,900 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages. During the same period, one investor in Series C preferred stock converted a total of 20,000 shares of Series C for an aggregate of 2,000,000 shares of restricted common stock and six investors in Series D preferred stock converted a total of 8,400,000 shares of Series D for an aggregate of 8,400,000 shares of restricted common stock, all in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

The Series B-1 preferred stock contains a liquidation provision whereas in the event of a fundamental transaction (such as the merger which occurred on June 3, 2014), the shareholder has the option to receive a preferential amount of cash equal to 400% of the stated value per share.

 

Series G Preferred Private Placement

 

On June 2, 2015, the Company sold an aggregate of 4,000,000 units in a private placement of its securities to certain investors at a purchase price of $0.25 per unit pursuant to subscription for an aggregate purchase price of $985,725, net of $14,275 financing fees. Each unit consists of one share of the Company’s Series G Convertible Preferred Stock, par value $0.0001 per share, each of which is convertible into one share of Common Stock, with such rights and designations as set forth in the Certificate of Designation.

 

On June 2, 2015, as a result of the sale of the Series G Preferred Stock, the Company issued 2,700,000 shares of Series E Convertible Preferred Stock, which are convertible into an aggregate of 2,700,000 shares of Common Stock, to existing holders of Series E Preferred Stock, in connection with certain anti-dilution rights associated with their purchase of such shares. The additional share issuance was treated as a ‘stock split’ and was retrospectively reflected as of December 31, 2014.

 

On June 2, 2015, the Company received the consent of at least a majority of its holders of Series F Convertible Preferred Stock to consummate the Series G Private Placement, as required under the terms of that investment. In consideration for the foregoing consent, the Company issued all holders of its Series F Preferred Stock an aggregate of an additional 2,200,666 shares of Series F Preferred Stock, which are convertible into an aggregate of 2,200,666 shares of common stock. The additional share issuance was treated as a ‘stock split’ and was retrospectively reflected as of December 31, 2014.

 

7
 

 

7. EMPLOYEE STOCK OPTIONS

 

During the six months ended June 30, 2015, 29,500,000 options were granted to employees and a director for service provided. Of these, 10,000,000 options were immediately vested and were granted with an exercise price of $0.15 and the expiration date is May 18, 2018. Another 10,000,000 options vest over two years or upon the up listing of the Company’s stock and were granted with an exercise price of $0.15 and the expiration date is June 1, 2018. Another option for 1,500,000 shares vesting over three years was granted with an exercise price of $0.27 and the expiration date is May 4, 2019. A director received two options. The first was for 3,000,000 shares vesting over two years and was granted with an exercise price of $0.25 and the expiration date is June 1, 2018. The second was for 5,000,000 shares with vesting tied to performance and was granted with an exercise price of $0.25 and the expiration date is June 1, 2018. Based on management’s estimate, only 1,000,000 options will eventually vest while the remaining 4,000,000 would be forfeited.

 

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant.

 

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the six months ended June 30, 2015:

 

     2015 
  Expected dividend yield   0%
  Expected volatility   128%
  Risk-free interest rate   0.40 - 0.99%
  Expected life of options   1.50 – 3.42 years 

 

Under the Black-Scholes option price model, fair value of the warrants granted is estimated at $5,142,284. During the six months ended June 30, 2015, $2,252,552 compensation expense was recognized and the remaining $2,889,732 will be recognized over the next three years.

 

The following table represents stock option activity as of and for the period ended June 30, 2015:

    

Number of Options

  

Weighted

Average

Exercise Price

  

Contractual Life in Years

  

Intrinsic

Value

 
  Outstanding – December 31, 2014   -   $0.00           
  Exercisable – December 31, 2014   -   $0.00         
  Granted   29,500,000   $0.18          
  Exercised or Vested   -   $0.00           
  Forfeited or Expired   -   $0.00           
  Outstanding – June 30, 2015   29,500,000   $0.18    2.96      
  Exercisable – June 30, 2015   10,000,000   $0.15    2.88   $1,150,000 

 

8
 

  

8. WARRANTS

 

For the six month period ended June 30, 2015, 1,500,000 warrants were granted to two consultants for service provided. One consultant was granted 1,000,000 warrants with exercise price of $0.25, vesting over two years and the expiration date is June 16, 2018. The other consultant was granted 500,000 warrants with exercise price of $0.25, vesting over one year and the expiration date is June 25, 2018.

 

The Company uses the Black-Scholes warrant pricing model to estimate the fair value of warrants as of June 30, 2015.

 

The following table summarizes the assumptions used to estimate the fair value of warrants granted during the six months ended June 30, 2015:

 

     2015 
  Expected dividend yield   0%
  Expected volatility   128%
  Risk-free interest rate   0.46 - 0.83%
  Expected life of warrants   1.6 – 2.45 years 

 

Under the Black-Scholes warrant price model, fair value of the warrants granted is estimated at $261,834. During the six months ended June 30, 2015, $9,971 compensation expense was recognized.

 

The following table represents warrant activity as of and for the period ended June 30, 2015:

  

    

 

 

Number of Warrants

  

Weighted

Average

Exercise Price

  

Contractual Life in Years

  

 

 

Intrinsic

Value

 
  Outstanding – December 31, 2014   485,007   $5.17    2.04      
  Exercisable – December 31, 2014   485,007   $5.17    2.04   $0.00 
  Granted   1,500,000   $0.25           
  Exercised or Vested   -   $0.00           
  Forfeited or Expired   (7,914)  $2.53           
  Outstanding – June 30, 2015   1,977,093   $1.45    2.63      
  Exercisable – June 30, 2015   477,093   $5.21    1.58   $0.00 

 

9. OKLAHOMA TECHNOLOGY COMMERCIALIZATION CENTER

 

At the time of the April 30, 2014 merger between MacroSolve, Inc. and Drone Aviation Holding Corp., MacroSolve had an $110,000 balance on its refundable award from the State of Oklahoma Technology Business Finance Program. The parties are currently discussing a release from the debt that is unrelated to the current operations.

 

10. SUBSEQUENT EVENTS

 

Between July 1 and August 14, 2015, 2 investors in Series A preferred stock converted a total of 10,200 shares of Series A for 1,020,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 1 investor in Series B preferred stock converted a total of 20 shares of Series B for 20 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 2 investors in Series C preferred stock converted a total of 30,000 shares of Series C for 3,000,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 4 investors in Series D preferred stock converted a total of 4,750,000 shares of Series D for 4,750,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 1 investor in Series E preferred stock converted a total of 1,000,000 shares of Series E for 1,000,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

On July 20, 2015, the Company entered into an agreement to acquire exclusive commercial software licenses for the “GUST” (Georgia Tech UAV Simulation Tool) autopilot system from Adaptive Flight, Inc. Through the purchase of the assets of privately held Adaptive Flight Inc. (AFI), the Company is assuming the transferable licenses from the Georgia Tech Research Corporation which include flight simulation tools and fault tolerant flight control algorithms. In addition, the company acquired AFI’s dedicated flight computer and additional related hardware and airframes. The Company paid $100,000 in immediately available funds and $100,000 to be held in escrow. In addition, the Company issued 6,000,000 shares of unregistered common stock to be held in escrow.

 

9
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Certain statements in Management's Discussion and Analysis ("MD&A"), other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “would,” “expect,” “intend,” “could,” “estimate,” “should,” “anticipate,” or “believe.” and similar expressions.  Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. These statements are subject to a number of risks, uncertainties and developments beyond our control or foresight including changes in the trends of the advanced aerostats and tethered drone industry formation of competitors, changes in governmental regulation or taxation, changes in our personnel and other such factors.  We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.  Readers should carefully review the risk factors and related notes included under Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on March 31, 2015.

 

The following MD&A is intended to help readers understand the results of our operation and financial condition, and is provided as a supplement to, and should be read in conjunction with, our Interim Unaudited Financial Statements and the accompanying Notes to Interim Unaudited Financial Statements under Part 1, Item 1 of this Quarterly Report on Form 10-Q.

 

Growth and percentage comparisons made herein generally refer to the six months ended June 30, 2015 compared with the six months ended June 30, 2014 unless otherwise noted. Unless otherwise indicated or unless the context otherwise requires, all references in this document to “we,” “us,” “our,” the “Company” and similar expressions to Drone Aviation Holding Corp. and depending on the context, its subsidiaries.

 

Business Overview

 

Drone Aviation Holding Corp. (“Drone Aviation,” “we,” “us,” or the “Company”) is a Nevada corporation formed on April 17, 2014 as a wholly owned subsidiary of MacroSolve, Inc., an Oklahoma corporation (“MacroSolve”). Effective April 30, 2014, MacroSolve merged with and into Drone Aviation, with Drone Aviation as the surviving entity, for purposes of moving the Company’s state of incorporation from Oklahoma to Nevada (the “Redomestication”). Any references to “Drone Aviation,” “we,” “us,” or the “Company” or any similar references relating to periods before the Redomestication shall be construed as references to MacroSolve, being the previous parent company of Drone Aviation.

 

We are focused on the business of the design, development, marketing and sale of lighter-than air (“LTA”) advanced aersostats and land-based intelligence, surveillance and reconnaissance (“ISR”) solutions and tethered drones. The Company, through its wholly owned subsidiary, Lighter Than Air Systems Corp. (“LTAS”), which was acquired on June 3, 2014 upon consummation of a Share Exchange with Drone Aviation Corp., a wholly-owned subsidiary which was merged into Drone Aviation on March 26, 2015, is focused on the development of a series of tethered aerostats known as the Blimp in a Box® (“BiB”) system and the Winch Aerostat Small Platform (“WASP”) as well as certain other tethered drone products. The BiB system is a lighter-than-air, compact aerostat platform either self-contained on a trailer that can be towed by an MATV or MRAP or other standard vehicle, or it can operate from the bed of a pickup truck. It is designed to provide semi-persistent, mobile, real-time day/night high definition footage for “ISR”, detection of improvised explosive devices (“IEDs”), border security and other governmental and civilian uses. The WASP is a mobile, tactical-sized aerostat capable of carrying a variety of payloads in support of military operations. Both the BiB and the WASP can also be utilized for disaster response missions, by supporting two-way and cellular communications, by acting as a repeater or providing wireless networking.

 

Recent Transactions

 

On July 20, 2015, the Company announced that it had acquired the exclusive commercial rights to UAV Autopilot System created at Georgia Institute of Technology from Adaptive Flight, Inc. (AFI) The licensed technology will further enable the development and commercialization of the Company’s products and includes flight simulation tools and fault tolerant flight control algorithms. In addition, the Company acquired AFI’s dedicated flight computer and additional related hardware and airframes.

 

On June 20, 2015, the Company announced that it had received an order from U.S. Government prime contractor BAE Systems for parts and services related to enhancing and supporting two WASP aerostat systems owned and operated by the U.S. Army Space and Missile Defense Command Battle Lab for July 2015 Department of Defense exercises. This order will be fulfilled in July 2015.

 

On June 3, 2015, the Company announced that it closed on a $1 million offering of its Series G Convertible Preferred Stock. The Company sold an aggregate of 4,000,000 shares, each convertible into one share of common stock, in a private placement to accredited investors at a purchase price of $0.25 per share for an aggregate purchase price of $985,725, net of $14,275 financing fees.

 

On May 5, 2015, the Company announced that it had received an order from specialized defense contractor Troll Systems for a set of Winch Aerostat Small Platform (WASP) aerostat systems. The Company and Troll Systems will work jointly to integrate the L-3 Wescam MX-10 advanced optical sensor system in to the WASP platform for an international customer. The initial flight testing is expected to take place in the third quarter of 2015.

 

10
 

 

Results of Operations

 

Three Months Ended June 30, 2015 compared to Three Months Ended June 30, 2014

 

Net Revenues:  Net revenues of $68,000 for the three months ended June 30, 2015 decreased $57,000 or 46% from $125,000 for the same period in 2014.   Sources of revenue were derived primarily from small aerostat products and accessories while the Company focused resources on continued development of the WATT product line.

 

Cost of Goods Sold and Gross Profit:  Cost of goods sold of $26,000 for the three months ended June 30, 2015 decreased $78,000 or 75% from $104,000 for the same period in 2014. Costs include material, parts and labor associated with the sale of small aerostats products and accessories. The resulting gross profit for the three months ended June 30, 2015 of $41,000 was an increase of $20,000 from the $21,000 gross profit for the same three months of 2014.  Gross profit margins were 61% and 17% for the quarters ended June 30, 2015 and 2014, respectively.

 

Operating Expenses:  Operating expenses primarily consist of general and administrative expenses.  General and administrative expenses increased $2,830,000 or 2,888%, to $2,928,000 in the three months ended June 30, 2015 from $98,000 for the same period in 2014. The merger and acquisition activities brought a new management team, board of directors and strategic advisors to the Company for the purpose of product development and increasing business opportunities and shareholder value. Approximately $2,263,000 of the increase is due to the issuance of options and warrants to officers, employees, director and consultants valued according to Black-Scholes method at June 30, 2015. Approximately $175,000 of the increase in operating expenses is related to salaries and benefits, $37,000 of the increase is related to director and strategic advisory board compensation, $155,000 of the increase is related to research and development, $79,000 of the increase is related to legal, financial advisory, audit and accounting fees for SEC filings, $19,000 of the increase is related to rent and utilities, $19,000 of the increase is related to outside services, and $107,000 of the increase is related to marketing and travel expense.

 

Loss from Operations:  Loss from operations for the three months ended June 30, 2015 increased $2,809,000 or 3,648%, to $2,886,000 from loss from operations of $77,000 for the same period in 2014, primarily due to factors discussed above. 

 

Other Income and Expense:  Total other expenses of $133 decreased $314,000 in the second quarter of 2015 from $314,000 in 2014.  This decrease is primarily due to expenses related to the reverse merger and recapitalization of the Company in the prior year.

 

Net Loss: Net loss increased $2,496,000 or 638% to $2,887,000 for the second quarter of 2015 from net loss of $391,000 for the same period in 2014.  This increased loss is due to factors discussed above.

 

Six Months Ended June 30, 2015 compared to Six Months Ended June 30, 2014

 

Net Revenues:  Net revenues of $83,000 for the six months ended June 30, 2015 decreased $271,000 or 77% from $354,000 for the same period in 2014.   Sources of revenue were derived primarily from small aerostat products and accessories while the Company focused resources on continued development of the WATT product line.

 

Cost of Goods Sold and Gross Profit:  Cost of goods sold of $35,000 for the six months ended June 30, 2015 decreased $209,000 or 86% from $244,000 for the same period in 2014. Costs include material, parts and labor associated with the sale of small aerostats products and accessories. The resulting gross profit for the six months ended June 30, 2015 of $48,000 was a decrease of $63,000 from the $111,000 gross profit for the same period of 2014.  Gross profit margins were 58% and 31% for the six months ended June 30, 2015 and 2014, respectively.

 

Operating Expenses:  Operating expenses primarily consist of general and administrative expenses.  General and administrative expenses increased $3,682,000 or 1,969%, to $3,869,000 in the six months ended June 30, 2015 from $187,000 for the same period in 2014. The merger and acquisition activities brought a new management team, board of directors and strategic advisors to the Company for the purpose of product development and increasing business opportunities and shareholder value. Approximately $2,263,000 of the increase is due to the issuance of options and warrants to officers, employees, director and consultants valued according to Black-Scholes method at June 30, 2015. Approximately $372,000 of the increase in operating expenses is related to salaries and benefits, $54,000 of the increase is related to investor relations, $356,000 of the increase is related to director and strategic advisory board compensation of which $331,000 was non-cash stock compensation, $344,000 of the increase is related to research and development, $193,000 of the increase is related to legal, financial advisory, audit and accounting fees for SEC filings, $42,000 of the increase is related to rent and utilities, $43,000 of the increase is related to outside services, and $127,000 of the increase is related to marketing and travel expense.

 

Loss from Operations:  Loss from operations for the six months ended June 30, 2015 increased $3,743,000 or 4,861%, to $3,820,000 from loss from operations of $77,000 in 2014, primarily due to factors discussed above. 

 

Other Income and Expense:  Total other expenses of $266 decreased $315,000 in the six months ended June 30, 2015 from $315,000 for the same period in 2014.  This decrease is primarily due to expenses related to the reverse merger and recapitalization of the Company in the prior year.

 

11
 

 

Net Loss: Net loss increased $3,430,000 or 877% to $3,821,000 for the six months ended June 30, 2015 from net loss of $391,000 for the same period in 2014.  This increased loss is due to factors discussed above.

 

Liquidity and Capital Resources

 

As of June 30, 2015, the Company had total current assets of $1,348,000 and total current liabilities of $285,000 for working capital of $1,063,000. As of June 30, 2015, the Company had cash and cash equivalents of $1,112,000 and an accumulated deficit of $5,984,000.

 

We have historically financed our operations through operating revenues and sales of equity securities to accredited investors. While we currently believe we have sufficient capital and access to capital to continue our operations for the next 12 months, we may incur significant expenses in implementing our growth plan.  We could deplete our cash and working capital more rapidly than expected, which could result in our need to curtail our operations.

 

Sources and Uses of Cash

 

   Six Months Ended
June 30,
 
    2015       2014 
         
Cash flows (used in) operating activities  $(1,179,000)  $(68,000)
Cash flows (used in) provided by investing activities   (64,000)   1,493,000 
Cash flows provided by financing activities   985,000    303,000 
Net decrease in cash and cash equivalents  $(257,000)   $1,728 ,000

 

Operating Activities:

 

Net cash used in operating activities during the six months ended June 30, 2015 was approximately $1,179,000, which was a decrease in operating cash flow of approximately $1,110,000 from $68,000 net cash used in operating activities during the same six months of 2014. The net loss of approximately $3,821,000 for the first six months of 2015 was $3,430,000 greater than the same period of 2014, which was approximately $391,000. The Company recognized approximately $2,263,000 in options and warrant expense associated with issuances to management, employee, director and consultants and $323,000 in shares of common stock issued to a third party for services in the first half of 2015. Inventory levels were $113,000 less than and Deferred Revenue was $129,000 less than the same period of 2014.

 

Investing Activities:

 

Net cash used in investing activities during the six months ended June 30, 2015 was approximately $64,000 and was related to the purchase of furniture and equipment. The net cash used in investing activities during the six months ended June 30, 2014 was approximately $1,493,000 which was related to the reverse merger and business combination between Drone Aviation Holding Corp., Drone Aviation Corp. and Lighter Than Air Systems Corp.

 

Financing Activities:

 

The Company had net proceeds of $985,000 in the six months ended June 30, 2015 related to the sale of Series G Convertible Preferred Stock. For the same period in 2014, the Company had proceeds of approximately $653,000 from sale of common stock issued for cash offset by $350,000 cash used in the redemption of Series B-1 preferred stock.

 

Off-Balance Sheet Arrangements

 

We do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, and results of operations, liquidity or capital expenditures.

 

Critical Accounting Policies and Estimates

 

The Company’s accounting policies are more fully described in Note 1 of the Financial Statements included in the Annual Report on Form 10-k for the year ended December 31, 2014 filed with the Securities and Exchange Commission on March 31, 2015. As disclosed in Note 1, the preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ significantly from those estimates. The Company believes that the following discussion addresses the Company’s most critical accounting policies, which are those that are most important to the portrayal of the Company’s financial condition and results of operations and require management’s most difficult, subjective and complex judgments.

 

12
 

 

Accounts Receivable and Credit Policies:

 

Trade accounts receivable consist of amounts due from the sale of tethered aerostats, accessories, spare parts and delivery and installation of aerostats. Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days of receipt of the invoice.  The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts based on historical collection experience and a review of the current status of trade accounts receivable.  

 

Derivative Financial Instruments:

 

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a Black-Scholes option pricing model, in accordance with ASC 815-15 “Derivative and Hedging” to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.

 

Revenue Recognition and Unearned Income:

 

Revenues from the sale of products and services are recognized upon delivery.

 

Recently Issued Accounting Pronouncements

 

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

 

13
 

 

ITEM 4 - CONTROLS AND PROCEDURES

 

a) Evaluation of disclosure controls and procedures.

 

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

  

Based on our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2015, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

(b) Changes in internal control over financial reporting.

 

There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

14
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.  Except as discussed below, we are not currently aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

 

Case No. 612-CV-46-MHS-KNM

 

As a result of the USPTO Office Action, on March 31, 2014, the Company dismissed its patent enforcement case against Newegg Inc. with prejudice. On April 6, 2015, the court denied the motion by Newegg for recovery of defendant legal fees of approximately $400,000 from the Company in the matter of MacroSolve, Inc. v Newegg Inc. (U.S.D.C. E.D. TX) case No. 6:12-CV-46-MHS-KNM. On April 24, 2015, Newegg filed a Notice of Appeal with the United States Court of Appeals for the Federal Circuit. Should the Company not prevail in that matter, the judgment would be borne by the former MacroSolve directors who sold their loans on April 17, 2014.

 

Other than as set forth above, there are no material claims, actions, suits, proceedings, inquiries, labor disputes or investigations pending.

 

Item 1A. Risk Factors

 

There have been no changes to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

 In the three months ended June 30, 2015, the Company issued 8,022,900 shares of common stock during the second quarter pursuant to conversions of an aggregate of 80,229 shares of Series A preferred stock.

 

In the three months ended June 30, 2015, the Company issued 2,000,000 shares of common stock during the second quarter pursuant to conversions of an aggregate of 20,000 shares of Series C preferred stock.

 

In the three months ended June 30, 2015, the Company issued 8,400,000 shares of common stock during the second quarter pursuant to conversions of an aggregate of 8,400,000 shares of Series D preferred stock.

 

On June 1, 2015, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to the Chairman of the Board for twenty-four months services pursuant to a Director Agreement. The Chairman can earn a pro rata portion of the shares, calculated on a twenty-four month vesting period, in the event the Chairman relinquishes his position and board seat prior to the expiration date of the Director Agreement.

 

On August 27, 2014, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to two members of its Strategic Advisory Board for twelve months services. The advisors can earn a pro rata portion of the shares, calculated based on the twelve-month vesting period, in the event the service agreements are terminated prior to the expiration date as described in the agreements.

 

In the second quarter of 2015, seven investors in Series A preferred stock converted a total of 166,529 shares of Series A for an aggregate of 16,652,900 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages. During the same period, one investor in Series C preferred stock converted a total of 20,000 shares of Series C for an aggregate of 2,000,000 shares of restricted common stock and six investors in Series D preferred stock converted a total of 8,400,000 shares of Series D for an aggregate of 8,400,000 shares of restricted common stock, all in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

On June 2, 2015, the Company sold an aggregate of 4,000,000 units in a private placement of its securities to certain investors at a purchase price of $0.25 per unit pursuant to subscription for an aggregate purchase price of $985,725, net of $14,275 financing fees. Each unit consists of one share of the Company’s Series G Convertible Preferred Stock, par value $0.0001 per share, each of which is convertible into one share of Common Stock, with such rights and designations as set forth in the Certificate of Designation.

 

On June 2, 2015, as a result of the sale of the Series G Preferred Stock, the Company issued 2,700,000 shares of Series E Convertible Preferred Stock, which are convertible into an aggregate of 2,700,000 shares of Common Stock, to existing holders of Series E Preferred Stock, in connection with certain anti-dilution rights associated with their purchase of such shares.

 

On June 2, 2015, the Company received the consent of at least a majority of its holders of Series F Convertible Preferred Stock to consummate the Series G Private Placement, as required under the terms of that investment. In consideration for the foregoing consent, the Company issued all holders of its Series F Preferred Stock an aggregate of an additional 2,200,666 shares of Series F Preferred Stock, which are convertible into an aggregate of 2,200,666 shares of common stock.

 

15
 

 

During the three months ended June 30, 2015, 29,500,000 options were granted to employees and a director for service provided. Of these, 10,000,000 options were immediately vested and were granted with an exercise price of $0.15 and the expiration date is May 18, 2018. Another 10,000,000 options vest over two years or upon the up listing of the Company’s stock and were granted with an exercise price of $0.15 and the expiration date is June 1, 2018. Another option for 1,500,000 shares vesting over three years was granted with an exercise price of $0.27 and the expiration date is May 4, 2019. A director received two options. The first was for 3,000,000 shares vesting over two years and was granted with an exercise price of $0.25 and the expiration date is June 1, 2018. The second was for 5,000,000 shares with vesting tied to performance and was granted with an exercise price of $0.25 and the expiration date is June 1, 2018.

 

For the three month period ended June 30, 2015, 1,500,000 warrants were granted to two consultants for service provided. One consultant was granted 1,000,000 warrants with exercise price of $0.25, vesting over two years and the expiration date is June 16, 2018. The other consultant was granted 500,000 warrants with exercise price of $0.25, vesting over one year and the expiration date is June 25, 2018.

 

The securities referenced above were offered and sold solely to “accredited investors” in reliance on the exemption from registration afford by Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.

 

16
 

 

Item 6. Exhibits

 

31.1 Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2 Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

32.1 Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101 INS XBRL Instance Document

 

101 SCH XBRL Taxonomy Extension Schema Document

 

101 CAL XBRL Taxonomy Calculation Linkbase Document

 

101 LAB XBRL Taxonomy Labels Linkbase Document

 

101 PRE XBRL Taxonomy Presentation Linkbase Document

 

101 DEF XBRL Taxonomy Extension Definition Linkbase Document

 

17
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  DRONE AVIATION HOLDING CORP.  
       
Date: August 14, 2015 By: /s/ FELICIA HESS  
    Felicia Hess  
    Chief Executive Officer
(Principal Executive Officer)
 
       
Date: August 14, 2015 By: /s/ KENDALL CARPENTER  
    Kendall Carpenter  
    Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
 

 

 

18

 

EX-31.01 2 f10q0615ex31i_droneaviation.htm CERTIFICATION

 EXHIBIT 31.01

 

CERTIFICATION

 

I, Felicia Hess, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Drone Aviation Holding Corp.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over    financial reporting which are reasonable likely to adversely affect the registrant’s ability to record, process,    summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant    role in the registrant’s internal controls over financial reporting.

 

Date: August 14, 2015

 

  /s/ FELICIA HESS
  Felicia Hess
  (Chief Executive Officer (Principal Executive Officer)

 

EX-31.02 3 f10q0615ex31ii_droneaviation.htm CERTIFICATION

EXHIBIT 31.02

 

CERTIFICATION

I, Kendall Carpenter, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Drone Aviation Holding Corp.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over   financial reporting which are reasonable likely to adversely affect the registrant’s ability to record, process,   summarize and report financial information; and

 

  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant   role in the registrant’s internal controls over financial reporting.

 

Date: August 14, 2015

 

  /s/ KENDALL CARPENTER
  Kendall Carpenter
  Chief Financial Officer (Principal Financial Officer and
Principal Accounting Officer)


EX-32.01 4 f10q0615ex32i_droneaviation.htm CERTIFICATION

Exhibit 32.01

 

 

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Felicia Hess, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Drone Aviation Holding Corp. on Form 10-Q for the fiscal quarter ended June 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Drone Aviation Holding Corp.

 

  By:

/s/ FELICIA HESS

Date: August 14, 2015 Name: Felicia Hess
  Title: Chief Executive Officer (Principal Executive Officer)

 

I, Kendall Carpenter, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Drone Aviation Holding Corp. on Form 10-Q for the fiscal quarter ended June 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Drone Aviation Holding Corp.

 

  By:

/s/ KENDALL CARPENTER

Date: August 14, 2015 Name: Kendall Carpenter
  Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

 

 

 

 

 

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The Series A and Series C stock conversion ratio is 1 to 100 common shares. The Series B, B-1, D, E, F and G stock conversion ratio is 1 to 1 common share. The conversion price of Series B stock may be adjusted if a &#8216;dilutive triggering event&#8217; occurs which could happen if the Company were to sell or issue common stock, warrants or convertible securities without consideration or for a consideration per share less than the conversion price in effect immediately prior to such sale or issue (dilutive triggering price). In such case, the Series B conversion price would be reduced to a price equal to the dilutive triggering price. All preferred stock has voting rights equal to the number of shares it would have on an &#8216;as if converted&#8217; basis subject to any ownership limitations governing such preferred shares. All preferred stock is entitled to dividends rights equal to the number of shares it would have on an &#8216;as if converted&#8217; basis. 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The intrinsic value of the beneficial conversion feature was determined to be $192,558. The beneficial conversion feature was fully amortized and recorded as a deemed dividend during the year ended December 31, 2014. The Series G stock issued during current quarter also contained a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was determined to be $80,000. 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In consideration for the foregoing consent, the Company issued all holders of its Series F Preferred Stock an aggregate of an additional 2,200,666 shares of Series F Preferred Stock, which are convertible into an aggregate of 2,200,666 shares of common stock. 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text-indent: 0pt;"><b>8.</b></td> <td style="text-align: justify; padding: 0pt; text-indent: 0pt;"><b><u>WARRANTS</u></b></td> </tr> </table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: -4.5pt;"><b>&#160;</b></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 13.5pt; text-align: justify;">For the six month period ended June 30, 2015, 1,500,000 warrants were granted to two consultants for service provided. 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The other consultant was granted 500,000 warrants with exercise price of $0.25, vesting over one year and the expiration date is June 25, 2018.</p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 13.5pt; text-align: justify;">&#160;</p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 13.5pt; text-align: justify;">The Company uses the Black-Scholes warrant pricing model to estimate the fair value of warrants as of June 30, 2015.</p> <p style="color: #000000; 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Employee Stock Options (Details) - 6 months ended Jun. 30, 2015 - Stock Options [Member]
Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected dividend yield 0.00%
Expected volatility 128.00%
Minimum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 0.40%
Expected life of warrants 1 year 6 months
Maximum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 0.99%
Expected life of warrants 3 years 5 months 1 day
XML 15 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Intangible Assets
6 Months Ended
Jun. 30, 2015
Intangible Assets [Abstract]  
INTANGIBLE ASSETS
4.INTANGIBLE ASSETS

 

On May 5, 2014, the Company acquired Lighter Than Air Systems (LTAS). In accordance with ASC 805-10 Business Combination and purchase acquisition accounting, the Company initially allocated the consideration to the net tangible and identifiable intangible assets, based on their estimated fair values as of the date of acquisition. The fair value of the LTAS customer list was determined by using a discounted cash flow model and $135,550 was recorded on the date of the business combination. The Company recorded $31,941 of amortization expense for the year ended December 31, 2014 and an additional amortization expense of $21,462 in the first half of 2015.

XML 16 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Warrants (Details 1) - 6 months ended Jun. 30, 2015 - Warrant [Member] - USD ($)
Total
Number of Warrants  
Outstanding - December 31, 2014 485,007
Exercisable - December 31, 2014 485,007
Granted 1,500,000
Exercised or Vested  
Forfeited or expired (7,914)
Outstanding - June 30, 2015 1,977,093
Exercisable - June 30, 2015 477,093
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Weighted Average Exercise Price, Outstanding - December 31, 2014 $ 5.17
Weighted Average Exercise Price, Exercisable - December 31, 2014 5.17
Weighted Average Exercise Price, Granted 0.25
Weighted Average Exercise Price, Exercised or Vested 0.00
Weighted Average Exercise Price, Forfeited or Expired 2.53
Weighted Average Exercise Price, Outstanding - June 30, 2015 1.45
Weighted Average Exercise Price, Exercisable - June 30, 2015 $ 5.21
Contractual Life in Years, Outstanding - December 31, 2014 2 years 15 days
Contractual Life in Years, Exercisable - June 30, 2015 2 years 15 days
Contractual Life in Years, Outstanding - June 30, 2015 2 years 7 months 17 days
Contractual Life in Years, Exercisable - June 30, 2015 1 year 6 months 29 days
Intrinsic Value, Exercisable - December 31, 2014 $ 0
Intrinsic Value, Exercisable - June 30, 2015 $ 0
XML 17 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Warrants (Details) - 6 months ended Jun. 30, 2015 - Warrant [Member]
Total
Class of Warrant or Right [Line Items]  
Expected dividend yield 0.00%
Expected volatility 128.00%
Risk-free interest rate, Minimum 0.46%
Risk-free interest rate, Maximum 0.83%
Minimum [Member]  
Class of Warrant or Right [Line Items]  
Expected life of warrants 1 year 7 months 6 days
Maximum [Member]  
Class of Warrant or Right [Line Items]  
Expected life of warrants 2 years 5 months 12 days
XML 18 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727
Warrants (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Warrants (Textual)    
Warrants granted for services provided $ 1,500,000  
Fair value of the warrants 5,142,284  
Stock based compensation 2,608,356  
Warrant [Member]    
Warrants (Textual)    
Fair value of the warrants 261,834  
Stock based compensation 9,971  
Consultants [Member]    
Warrants (Textual)    
Warrants granted for services provided $ 1,000,000  
Exercise price $ 0.25  
Warrants vesting period 2 years  
Warrants expiration date Jun. 16, 2018  
Consultants One [Member]    
Warrants (Textual)    
Warrants granted for services provided $ 500,000  
Exercise price $ 0.25  
Warrants vesting period 1 year  
Warrants expiration date Jun. 25, 2018  
XML 19 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727
Oklahoma Technology Commercialization Center (Details)
Apr. 30, 2014
USD ($)
Oklahoma Technology Commercialization (Textual)  
Refundable award $ 110,000
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property and Equipment
6 Months Ended
Jun. 30, 2015
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
3.PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at cost when acquired.  Depreciation is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, hardware and software and leasehold improvements.   During the six months ended June 30, 2015, the Company invested $20,950 in shop machinery and equipment, $8,931 in computers and electronics, $19,392 office furniture and fixtures and additional $14,769 in leasehold improvements. Depreciation expense was $5,160 and $181 for the six months ended June 30, 2015 and 2014, respectively. Property and equipment consists of the following at June 30, 2015 and December 31, 2014:

 

   June 30,
2015
  December 31,
2014
 
 Shop Machinery and equipment $40,904  $19,954 
 Computers and electronics  21,006   12,075 
 Office furniture and fixtures  21,427   2,035 
 Leasehold improvements  14,769   - 
    98,106   34,064 
 Less - accumulated depreciation  (12,200)  (7,040)
   $85,906  $27,024 
XML 21 R32.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events (Details)
1 Months Ended 6 Months Ended
Aug. 14, 2015
Investor
shares
Jul. 20, 2015
USD ($)
shares
Jun. 30, 2015
Investor
shares
Mar. 31, 2015
shares
Series A Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock     8,022,900 8,630,000
Number of investors | Investor     7  
Series C Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock     2,000,000  
Number of investors | Investor     1  
Series D Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock     8,400,000  
Number of investors | Investor     6  
Subsequent Event [Member]        
Subsequent Event [Line Items]        
Cash paid | $   $ 100,000    
Funds held in escrow | $   $ 100,000    
Unregistered common stock shares issued   6,000,000    
Subsequent Event [Member] | Series A Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 10,200      
Number of investors | Investor 2      
Subsequent Event [Member] | Series B Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 20      
Number of investors | Investor 1      
Subsequent Event [Member] | Series C Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 30,000      
Number of investors | Investor 2      
Subsequent Event [Member] | Series D Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 4,750,000      
Number of investors | Investor 4      
Subsequent Event [Member] | Series E Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 1,000,000      
Number of investors | Investor 1      
Subsequent Event [Member] | Restricted Stock [Member] | Series A Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 1,020,000      
Subsequent Event [Member] | Restricted Stock [Member] | Series B Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 20      
Subsequent Event [Member] | Restricted Stock [Member] | Series C Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 3,000,000      
Subsequent Event [Member] | Restricted Stock [Member] | Series D Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 4,750,000      
Subsequent Event [Member] | Restricted Stock [Member] | Series E Preferred Stock [Member]        
Subsequent Event [Line Items]        
Number of Preferred stock converted into restricted common stock 1,000,000      
XML 22 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash $ 1,112,412 $ 1,369,896
Accounts receivable - trade 18,260 30,170
Inventory 132,372 39,404
Prepaid expenses and deposits 85,441 50,169
Total current assets 1,348,485 1,489,639
PROPERTY AND EQUIPMENT, at cost: 98,106 34,064
Less - accumulated depreciation (12,200) (7,040)
Net property and equipment 85,906 27,024
OTHER ASSETS:    
Goodwill 99,799 99,799
Intangible assets, net 82,147 103,609
Total other assets 181,946 203,408
TOTAL ASSETS 1,616,337 1,720,071
CURRENT LIABILITIES:    
Accounts payable - trade and accrued liabilities 44,181 64,383
Accounts payable due to related party 1,442 $ 2,181
Deferred revenue 129,575  
Note Payable - Oklahoma Technology Commercialization Center- Current 110,000 $ 110,000
Total current liabilities 285,198 176,564
TOTAL LIABILITIES $ 285,198 $ 176,564
COMMITMENTS AND CONTINGENCIES    
STOCKHOLDERS' EQUITY (DEFICIT):    
Common stock, $.0001 par value; authorized 300,000,000 shares; 66,131,014 and 37,078,114 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively $ 6,613 $ 3,708
Additional paid-in capital 7,304,528 3,698,618
Retained Earnings (Deficit) (5,984,132) (2,163,408)
Total stockholders' equity 1,331,139 1,543,507
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,616,337 1,720,071
Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 23 40
Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 32 32
Series B-1 Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 7 7
Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 33 35
Series D Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 2,765 3,605
Series E Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 540 540
Series F Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value 330 $ 330
Series G Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock value $ 400  
XML 23 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Basis of Presentation
6 Months Ended
Jun. 30, 2015
Basis of Presentation [Abstract]  
BASIS OF PRESENTATION
1.BASIS OF PRESENTATION

 

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The financial statements as of December 31, 2014 have been audited by an independent registered public accounting firm. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s 10K for the calendar year ended December 31, 2014.

XML 24 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Intangible Assets (Details) - USD ($)
1 Months Ended 6 Months Ended
Dec. 31, 2014
Jun. 30, 2015
Jun. 30, 2014
May. 05, 2014
Intangible Assets (Textual)        
Additional amortization expense   $ 21,462    
Lighter Than Air Systems [Member]        
Intangible Assets (Textual)        
Fair value of LTAS on date of business combination       $ 135,550
Amortization expense $ 31,941      
XML 25 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Preferred Stock (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 02, 2015
USD ($)
$ / shares
shares
Jun. 30, 2015
USD ($)
shares
Mar. 31, 2015
shares
Jun. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
Investor
shares
Jun. 30, 2014
USD ($)
Preferred Stock (Textual)            
Conversion of stock, Description         The Series A and Series C stock conversion ratio is 1 to 100 common shares. The Series B, B-1, D, E, F and G stock conversion ratio is 1 to 1 common share.  
Beneficial conversion feature on convertible preferred stock | $         $ 192,558  
Deemed dividend on Series G convertible preferred stock | $   $ 80,000     $ 80,000  
Series G Preferred Private Placement [Member]            
Preferred Stock (Textual)            
Aggregate of unit in private placement, Shares 4,000,000          
Aggregate of unit in private placement, Value | $ $ 985,725          
Purchase price, per unit | $ / shares $ 0.25          
Financing fees | $ $ 14,275          
Series A Preferred Stock [Member]            
Preferred Stock (Textual)            
Shares of series preferred stock converted   80,229 86,300      
Number of restricted common stock shares issued upon conversion   8,022,900 8,630,000   8,022,900  
Number of investors | Investor         7  
Series B-1 Preferred Stock [Member]            
Preferred Stock (Textual)            
Preferred stock liquidation, Description         The Series B-1 preferred stock contains a liquidation provision whereas in the event of a fundamental transaction (such as the merger which occurred on June 3, 2014), the shareholder has the option to receive a preferential amount of cash equal to 400% of the stated value per share.  
Series C Preferred Stock [Member]            
Preferred Stock (Textual)            
Shares of series preferred stock converted   20,000        
Number of restricted common stock shares issued upon conversion   2,000,000     2,000,000  
Number of investors | Investor         1  
Series D Preferred Stock [Member]            
Preferred Stock (Textual)            
Shares of series preferred stock converted   8,400,000        
Number of restricted common stock shares issued upon conversion   8,400,000     8,400,000  
Number of investors | Investor         6  
Series G Preferred Stock [Member]            
Preferred Stock (Textual)            
Shares of series preferred stock converted 2,700,000          
Shares issued 2,700,000          
Series F Preferred Stock [Member]            
Preferred Stock (Textual)            
Shares of series preferred stock converted 2,200,666          
Additional shares issued 2,200,666          
XML 26 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 27 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions
6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
2.RELATED PARTY TRANSACTIONS

 

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

Aerial Products Corp (“APC”) is a related party, controlled by a current employee of the Company. APC shared the manufacturing facilities with LTAS and provided aerostat envelopes and manufacturing labor to Lighter Than Air Systems (LTAS) until June 30, 2014 when the APC labor pool transitioned to the Company. The accounts payable due to related party at December 31, 2014 included allocated rent and utility charges, aerostat envelopes, truck expenses and labor charges due of $2,181. An additional $2,876 in similar expenses was incurred in the first two quarters of 2015. A total of $3,615 was paid to APC in the first quarter. The amount payable to APC at June 30, 2015 is $1,442. Additionally during the first quarter of 2015, the Company acquired used industrial sewing machines and used furniture and fixtures from APC for $6,500.

XML 28 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2015
Dec. 31, 2014
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 66,131,014 37,078,114
Common stock, shares outstanding 66,131,014 37,078,114
Series A Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 595,000 595,000
Preferred stock, shares issued 230,221 396,750
Preferred stock, shares outstanding 230,221 396,750
Series B Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 324,671 324,671
Preferred stock, shares issued 324,671 324,671
Preferred stock, shares outstanding 324,671 324,671
Series B-1 Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 156,231 156,231
Preferred stock, shares issued 68,731 68,731
Preferred stock, shares outstanding 68,731 68,731
Series C Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 355,000 355,000
Preferred stock, shares issued 325,400 345,400
Preferred stock, shares outstanding 325,400 345,400
Series D Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 36,050,000 36,050,000
Preferred stock, shares issued 27,650,000 36,050,000
Preferred stock, shares outstanding 27,650,000 36,050,000
Series E Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 5,400,000 5,400,000
Preferred stock, shares issued 5,400,000 5,400,000
Preferred stock, shares outstanding 5,400,000 5,400,000
Series F Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 3,300,999 3,300,999
Preferred stock, shares issued 3,300,999 3,300,999
Preferred stock, shares outstanding 3,300,999 3,300,999
Series G Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized 8,000,000 8,000,000
Preferred stock, shares issued 4,000,000 0
Preferred stock, shares outstanding 4,000,000 0
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Employee Stock Options (Tables) - Stock Options [Member]
6 Months Ended
Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of estimate the fair value of stock options granted

   2015 
 Expected dividend yield  0%
 Expected volatility  128%
 Risk-free interest rate  0.40 - 0.99%
 Expected life of options  1.50 – 3.42 years 

 

Schedule of stock option activity

     

Number of Options

   

Weighted

Average

Exercise Price

   

Contractual Life in Years

   

Intrinsic

Value

 
  Outstanding – December 31, 2014     -     $ 0.00                  
  Exercisable – December 31, 2014     -     $ 0.00              
  Granted     29,500,000     $ 0.18                
  Exercised or Vested     -     $ 0.00                  
  Forfeited or Expired     -     $ 0.00                  
  Outstanding – June 30, 2015     29,500,000     $ 0.18       2.96          
  Exercisable – June 30, 2015     10,000,000     $ 0.15       2.88     $ 1,150,000  

 

XML 30 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2015
Aug. 14, 2015
Document and Entity Information [Abstract]    
Entity Registrant Name DRONE AVIATION HOLDING CORP.  
Entity Central Index Key 0001178727  
Trading Symbol drne  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Jun. 30, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   81,901,034
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Warrants (Tables) - Warrant [Member]
6 Months Ended
Jun. 30, 2015
Class of Warrant or Right [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
 
 
   2015 
 Expected dividend yield  0%
 Expected volatility  128%
 Risk-free interest rate  0.46 - 0.83%
 Expected life of warrants  1.6 – 2.45 years 
 
Schedule of employee stock plans
 
   

 

 

Number of Warrants

  

Weighted

Average

Exercise Price

  

Contractual Life in Years

  

 

 

Intrinsic

Value

 
 Outstanding – December 31, 2014  485,007  $5.17   2.04     
 Exercisable – December 31, 2014  485,007  $5.17   2.04  $0.00 
 Granted  1,500,000  $0.25         
 Exercised or Vested  -  $0.00         
 Forfeited or Expired  (7,914) $2.53         
 Outstanding – June 30, 2015  1,977,093  $1.45   2.63     
 Exercisable – June 30, 2015  477,093  $5.21   1.58  $0.00 
 
XML 32 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Statements of Income [Abstract]        
Revenues $ 67,602 $ 124,976 $ 82,808 $ 354,326
Cost of good sold 26,428 104,339 34,545 243,577
Gross profit 41,174 20,637 48,263 110,749
General and administrative expense 2,927,614 97,682 3,868,721 187,382
Loss from operations $ (2,886,440) (77,045) $ (3,820,458) (76,633)
Other income (expense)        
Loss on sale and impairment of securities held for resale   (42,821)   (42,821)
Loss on derivative liability   (269,981)   (269,981)
Interest income   67   67
Interest expense $ (133) (1,439) $ (266) (1,940)
Total other expense (133) (314,174) (266) (314,675)
NET LOSS (2,886,573) $ (391,219) (3,820,724) $ (391,308)
Deemed dividend on Series G convertible preferred stock 80,000   80,000  
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,966,573) $ (391,219) $ (3,900,724) $ (391,308)
Weighted average number of common shares outstanding - basic and diluted 52,566,198 8,019,384 46,518,311 4,031,845
Basic and diluted net loss per share $ (0.06) $ (0.05) $ (0.08) $ (0.1)
XML 33 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Employee Stock Options
6 Months Ended
Jun. 30, 2015
Employee Stock Options [Abstract]  
EMPLOYEE STOCK OPTIONS
7. EMPLOYEE STOCK OPTIONS

 

During the six months ended June 30, 2015, 29,500,000 options were granted to employees and a director for service provided. Of these, 10,000,000 options were immediately vested and were granted with an exercise price of $0.15 and the expiration date is May 18, 2018. Another 10,000,000 options vest over two years or upon the up listing of the Company’s stock and were granted with an exercise price of $0.15 and the expiration date is June 1, 2018. Another option for 1,500,000 shares vesting over three years was granted with an exercise price of $0.27 and the expiration date is May 4, 2019. A director received two options. The first was for 3,000,000 shares vesting over two years and was granted with an exercise price of $0.25 and the expiration date is June 1, 2018. The second was for 5,000,000 shares with vesting tied to performance and was granted with an exercise price of $0.25 and the expiration date is June 1, 2018. Based on management’s estimate, only 1,000,000 options will eventually vest while the remaining 4,000,000 would be forfeited.

 

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant.

 

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the six months ended June 30, 2015:

 

      2015  
  Expected dividend yield     0 %
  Expected volatility     128 %
  Risk-free interest rate     0.40 - 0.99 %
  Expected life of options     1.50 – 3.42 years  

 

Under the Black-Scholes option price model, fair value of the warrants granted is estimated at $5,142,284. During the six months ended June 30, 2015, $2,252,552 compensation expense was recognized and the remaining $2,889,732 will be recognized over the next three years.

 

The following table represents stock option activity as of and for the period ended June 30, 2015:

     

Number of Options

   

Weighted

Average

Exercise Price

   

Contractual Life in Years

   

Intrinsic

Value

 
  Outstanding – December 31, 2014     -     $ 0.00                  
  Exercisable – December 31, 2014     -     $ 0.00              
  Granted     29,500,000     $ 0.18                
  Exercised or Vested     -     $ 0.00                  
  Forfeited or Expired     -     $ 0.00                  
  Outstanding – June 30, 2015     29,500,000     $ 0.18       2.96          
  Exercisable – June 30, 2015     10,000,000     $ 0.15       2.88     $ 1,150,000  

 

XML 34 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Preferred Stock
6 Months Ended
Jun. 30, 2015
Shareholders' Equity and Preferred Stock [Abstract]  
PREFERRED STOCK
6.PREFERRED STOCK

 

All of the preferred stock of the Company is convertible into common shares. The Series A and Series C stock conversion ratio is 1 to 100 common shares. The Series B, B-1, D, E, F and G stock conversion ratio is 1 to 1 common share. The conversion price of Series B stock may be adjusted if a ‘dilutive triggering event’ occurs which could happen if the Company were to sell or issue common stock, warrants or convertible securities without consideration or for a consideration per share less than the conversion price in effect immediately prior to such sale or issue (dilutive triggering price). In such case, the Series B conversion price would be reduced to a price equal to the dilutive triggering price. All preferred stock has voting rights equal to the number of shares it would have on an ‘as if converted’ basis subject to any ownership limitations governing such preferred shares. All preferred stock is entitled to dividends rights equal to the number of shares it would have on an ‘as if converted’ basis. None of the preferred stock is redeemable, participating nor callable.

 

The Company analyzed the embedded conversion option for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the conversion option should be classified as equity.

 

The Company analyzed the conversion option for beneficial conversion features consideration under ASC 470-20 “Convertible Securities with Beneficial Conversion Features” and noted Series F stock contained a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was determined to be $192,558. The beneficial conversion feature was fully amortized and recorded as a deemed dividend during the year ended December 31, 2014. The Series G stock issued during current quarter also contained a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was determined to be $80,000. The beneficial conversion feature was fully amortized and recorded as a deemed dividend during the six months ended June 30, 2015.

 

Between January 1 and June 30, 2015, seven investors in Series A preferred stock converted a total of 166,529 shares of Series A for an aggregate of 16,652,900 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages. During the same period, one investor in Series C preferred stock converted a total of 20,000 shares of Series C for an aggregate of 2,000,000 shares of restricted common stock and six investors in Series D preferred stock converted a total of 8,400,000 shares of Series D for an aggregate of 8,400,000 shares of restricted common stock, all in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

The Series B-1 preferred stock contains a liquidation provision whereas in the event of a fundamental transaction (such as the merger which occurred on June 3, 2014), the shareholder has the option to receive a preferential amount of cash equal to 400% of the stated value per share.

 

Series G Preferred Private Placement

 

On June 2, 2015, the Company sold an aggregate of 4,000,000 units in a private placement of its securities to certain investors at a purchase price of $0.25 per unit pursuant to subscription for an aggregate purchase price of $985,725, net of $14,275 financing fees. Each unit consists of one share of the Company’s Series G Convertible Preferred Stock, par value $0.0001 per share, each of which is convertible into one share of Common Stock, with such rights and designations as set forth in the Certificate of Designation.

 

On June 2, 2015, as a result of the sale of the Series G Preferred Stock, the Company issued 2,700,000 shares of Series E Convertible Preferred Stock, which are convertible into an aggregate of 2,700,000 shares of Common Stock, to existing holders of Series E Preferred Stock, in connection with certain anti-dilution rights associated with their purchase of such shares. The additional share issuance was treated as a ‘stock split’ and was retrospectively reflected as of December 31, 2014.

 

On June 2, 2015, the Company received the consent of at least a majority of its holders of Series F Convertible Preferred Stock to consummate the Series G Private Placement, as required under the terms of that investment. In consideration for the foregoing consent, the Company issued all holders of its Series F Preferred Stock an aggregate of an additional 2,200,666 shares of Series F Preferred Stock, which are convertible into an aggregate of 2,200,666 shares of common stock. The additional share issuance was treated as a ‘stock split’ and was retrospectively reflected as of December 31, 2014.

XML 35 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Shareholders' Equity (Details) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 01, 2015
Aug. 27, 2014
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2015
Class of Stock [Line Items]          
Shares of restricted common stock issued 2,000,000 2,000,000      
Expense for the pro rata portion of shares $ 22,500 $ 450,000     $ 323,333
Common Stock [Member]          
Class of Stock [Line Items]          
Convertible preferred stock, shares issued upon conversion     29,052,900   29,052,900
Series A Preferred Stock [Member]          
Class of Stock [Line Items]          
Convertible preferred stock, shares issued upon conversion     8,022,900 8,630,000 8,022,900
Shares of series preferred stock converted     80,229 86,300  
Series C Preferred Stock [Member]          
Class of Stock [Line Items]          
Convertible preferred stock, shares issued upon conversion     2,000,000   2,000,000
Shares of series preferred stock converted     20,000    
Series D Preferred Stock [Member]          
Class of Stock [Line Items]          
Convertible preferred stock, shares issued upon conversion     8,400,000   8,400,000
Shares of series preferred stock converted     8,400,000    
XML 36 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions (Details) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Mar. 31, 2015
Dec. 31, 2014
Related Party Transactions Textual [Abstract]        
Accounts payable due to related party $ 1,442     $ 2,181
Payment to acquire machinery and fixtures 64,042      
Aerial Products Corp [Member]        
Related Party Transactions Textual [Abstract]        
Accounts payable due to related party 2,876   $ 2,876  
Amount paid to APC     $ 3,615  
Payment to acquire machinery and fixtures $ 6,500      
XML 37 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
10. SUBSEQUENT EVENTS

 

Between July 1 and August 14, 2015, 2 investors in Series A preferred stock converted a total of 10,200 shares of Series A for 1,020,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 1 investor in Series B preferred stock converted a total of 20 shares of Series B for 20 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 2 investors in Series C preferred stock converted a total of 30,000 shares of Series C for 3,000,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 4 investors in Series D preferred stock converted a total of 4,750,000 shares of Series D for 4,750,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

Between July 1 and August 14, 2015, 1 investor in Series E preferred stock converted a total of 1,000,000 shares of Series E for 1,000,000 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

 

On July 20, 2015, the Company entered into an agreement to acquire exclusive commercial software licenses for the “GUST” (Georgia Tech UAV Simulation Tool) autopilot system from Adaptive Flight, Inc. Through the purchase of the assets of privately held Adaptive Flight Inc. (AFI), the Company is assuming the transferable licenses from the Georgia Tech Research Corporation which include flight simulation tools and fault tolerant flight control algorithms. In addition, the company acquired AFI’s dedicated flight computer and additional related hardware and airframes. The Company paid $100,000 in immediately available funds and $100,000 to be held in escrow. In addition, the Company issued 6,000,000 shares of unregistered common stock to be held in escrow.

XML 38 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Warrants
6 Months Ended
Jun. 30, 2015
Warrants [Abstract]  
WARRANTS
8. WARRANTS

 

For the six month period ended June 30, 2015, 1,500,000 warrants were granted to two consultants for service provided. One consultant was granted 1,000,000 warrants with exercise price of $0.25, vesting over two years and the expiration date is June 16, 2018. The other consultant was granted 500,000 warrants with exercise price of $0.25, vesting over one year and the expiration date is June 25, 2018.

 

The Company uses the Black-Scholes warrant pricing model to estimate the fair value of warrants as of June 30, 2015.

 

The following table summarizes the assumptions used to estimate the fair value of warrants granted during the six months ended June 30, 2015:

 

Expected life of warrants
      2015  
  Expected dividend yield     0 %
  Expected volatility     128 %
  Risk-free interest rate     0.46 - 0.83 %
      1.6 – 2.45 years  

 

Under the Black-Scholes warrant price model, fair value of the warrants granted is estimated at $261,834. During the six months ended June 30, 2015, $9,971 compensation expense was recognized.

 

The following table represents warrant activity as of and for the period ended June 30, 2015:

  

     

 

 

Number of Warrants

   

Weighted

Average

Exercise Price

   

Contractual Life in Years

   

 

 

Intrinsic

Value

 
  Outstanding – December 31, 2014     485,007     $ 5.17       2.04          
  Exercisable – December 31, 2014     485,007     $ 5.17       2.04     $ 0.00  
  Granted     1,500,000     $ 0.25                  
  Exercised or Vested     -     $ 0.00                  
  Forfeited or Expired     (7,914 )   $ 2.53                  
  Outstanding – June 30, 2015     1,977,093     $ 1.45       2.63          
  Exercisable – June 30, 2015     477,093     $ 5.21       1.58     $ 0.00  
 
XML 39 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Oklahoma Technology Commercialization Center
6 Months Ended
Jun. 30, 2015
Oklahoma Technology Commercialization Center [Abstract]  
OKLAHOMA TECHNOLOGY COMMERCIALIZATION CENTER
9.OKLAHOMA TECHNOLOGY COMMERCIALIZATION CENTER

 

At the time of the April 30, 2014 merger between MacroSolve, Inc. and Drone Aviation Holding Corp., MacroSolve had an $110,000 balance on its refundable award from the State of Oklahoma Technology Business Finance Program. The parties are currently discussing a release from the debt that is unrelated to the current operations.

XML 40 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property and Equipment (Tables)
6 Months Ended
Jun. 30, 2015
Property and Equipment [Abstract]  
Schedule of property plant and equipment

   June 30,
2015
  December 31,
2014
 
 Shop Machinery and equipment $40,904  $19,954 
 Computers and electronics  21,006   12,075 
 Office furniture and fixtures  21,427   2,035 
 Leasehold improvements  14,769   - 
    98,106   34,064 
 Less - accumulated depreciation  (12,200)  (7,040)
   $85,906  $27,024 

 

XML 41 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property and Equipment (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Property and Equipment (Textual)    
Depreciation expense $ 5,160 $ 181
Shop Machinery and equipment [Member]    
Property and Equipment (Textual)    
Amount invested in property plant and equipment 20,950  
Computer and electronics [Member]    
Property and Equipment (Textual)    
Amount invested in property plant and equipment 8,931  
Office furniture and fixtures [Member]    
Property and Equipment (Textual)    
Amount invested in property plant and equipment 19,392  
Leasehold improvements [Member]    
Property and Equipment (Textual)    
Amount invested in property plant and equipment $ 14,769  
Maximum [Member]    
Property and Equipment (Textual)    
Property, plant and equipment, useful life 7 years  
Minimum [Member]    
Property and Equipment (Textual)    
Property, plant and equipment, useful life 3 years  
XML 42 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727
Employee Stock Options (Details 1) - Jun. 30, 2015 - Stock Options [Member] - USD ($)
Total
Options  
Outstanding - December 31, 2014  
Exercisable - December 31, 2014  
Granted 29,500,000
Exercised or Vested  
Forfeited or expired  
Outstanding - June 30, 2015 29,500,000
Exercisable - June 30, 2015 10,000,000
Weighted Average Exercise Price  
Weighted Average Exercise Price, Outstanding - December 31, 2014 $ 0.00
Weighted Average Exercise Price, Exercisable - December 31, 2014 0.00
Weighted Average Exercise Price, Granted 0.18
Weighted Average Exercise Price, Exercised or Vested 0.00
Weighted Average Exercise Price, Forfeited or Expired 0.00
Weighted Average Exercise Price, Outstanding - June 30, 2015 0.18
Weighted Average Exercise Price, Exercisable - June 30, 2015 $ 0.15
Contractual Life in Years, Outstanding - June 30, 2015 2 years 11 months 16 days
Contractual Life in Years, Exercisable - June 30, 2015 2 years 10 months 17 days
Intrinsic Value, Exercisable - June 30, 2015 $ 1,150,000
XML 43 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES:    
Net loss $ (3,820,724) $ (391,308)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on disposal and impairment of available-for-sale securities   42,821
Loss on derivative liability   269,981
Depreciation $ 5,160 $ 181
Amortization 21,462  
Stock based compensation 2,608,356  
Changes in current assets and liabilities:    
Accounts receivable 11,910 $ (98,760)
Inventory (92,968) 20,215
Prepaid expenses and other current assets (35,272) (21,819)
Accounts payable and accrued expense (5,927) (169,040)
Due from related party (739) 20,216
Deferred revenue 129,575 258,968
Net cash used in operating activities $ (1,179,167) (68,545)
INVESTING ACTIVITIES:    
Cash paid on business combination, net   (304,639)
Cash from reverse merger   1,629,263
Cash from sales of available-for-sale securities   $ 168,704
Purchase of furniture and equipment $ (64,042)  
Net cash (used in) provided by investing activities $ (64,042) $ 1,493,328
FINANCING ACTIVITIES:    
Proceeds from common stock issued for cash   653,327
Redemption of Series B-1 preferred stock   $ (350,000)
Series G preferred stock issued for cash $ 985,725  
Net cash provided by financing activities 985,725 $ 303,327
NET (DECREASE) INCREASE IN CASH (257,484) $ 1,728,110
CASH, beginning of period 1,369,896  
CASH, end of period 1,112,412 $ 1,728,110
Cash paid during the quarters ended June 30:    
Interest 266 1,429
Noncash investing and financing activities for the quarters ended June 30:    
Conversion of Series A preferred stock to common stock 1,665 $ 381
Conversion of Series C preferred stock to common stock 200  
Conversion of Series D preferred stock to common stock $ 840  
Reverse merger adjustment   $ (2,116,221)
Business combination adjustment   $ 79,000
XML 44 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Shareholders' Equity
6 Months Ended
Jun. 30, 2015
Shareholders' Equity and Preferred Stock [Abstract]  
SHAREHOLDERS' EQUITY
5.SHAREHOLDERS’ EQUITY

 

The Company issued a total of 29,052,900 common shares during the first half of 2015, described further as follows:

 

The Company issued 8,630,000 shares of common stock between January 1 and March 31, 2015 pursuant to conversions of an aggregate of 86,300 shares of Series A preferred stock.

 

The Company issued 8,022,900 shares of common stock between April 1 and June 30, 2015 pursuant to conversions of an aggregate of 80,229 shares of Series A preferred stock.

 

The Company issued 2,000,000 shares of common stock between April 1 and June 30, 2015 pursuant to conversions of an aggregate of 20,000 shares of Series C preferred stock.

 

The Company issued 8,400,000 shares of common stock between April 1 and June 30, 2015 pursuant to conversions of an aggregate of 8,400,000 shares of Series D preferred stock.

 

On June 1, 2015, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to the Chairman of the Board for twenty-four months services pursuant to a Director Agreement. The Chairman can earn a pro rata portion of the shares, calculated on a twenty-four month vesting period, in the event the Chairman relinquishes his position and board seat prior to the expiration date of the Director Agreement. The Company recognized a total of $22,500 expense for the pro rata portion of shares earned by the Chairman by June 30, 2015.

 

On August 27, 2014, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to two members of its Strategic Advisory Board for twelve months services. The advisors can earn a pro rata portion of the shares, calculated based on the twelve-month vesting period, in the event the service agreements are terminated prior to the expiration date as described in the agreements. The Company recognized a total of $323,333 expense for the pro rata portion of shares earned by the two advisors during the six months ended June 30, 2015 and has recognized a total of $450,000 since August 27, 2014.

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Employee Stock Options (Details Textual) - Jun. 30, 2015 - USD ($)
Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares, Vested 1,000,000
Expiration date Jun. 01, 2018
Fair value of stock options granted $ 5,142,284
Compensation expense $ 2,252,552
Employee Stock Option [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options were granted to employees 29,500,000
Number of Shares, Vested 10,000,000
Granted exercise price $ 0.15
Expiration date May 18, 2018
Share-based Compensation Award, Tranche One [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares vesting 3,000,000
Exercise price $ 0.25
Share-based Compensation Award, Tranche Two [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares, Vested 1,000,000
Granted exercise price $ 0.15
Expiration date Jun. 01, 2018
Shares vesting 5,000,000
Exercise price $ 0.25
Shares forfeited 4,000,000
Share-based Compensation Award, Tranche Two [Member] | Employee Stock Option [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares, Vested 3,000,000
Granted exercise price $ 0.25
Expiration date Jun. 01, 2018
Share-based Compensation Award, Tranche Three [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares, Vested 1,500,000
Granted exercise price $ 0.27
Expiration date May 04, 2019
Compensation expense $ 2,889,732
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Property and Equipment (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross $ 98,106 $ 34,064
Less - accumulated depreciation (12,200) (7,040)
Property plant and equipment net 85,906 27,024
Shop Machinery and equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross 40,904 19,954
Computer and electronics [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross 21,006 12,075
Office furniture and fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross 21,427 $ 2,035
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment gross $ 14,769