Filing Analysis
SKYX Platforms Corp. filed an 8-K to announce the release of its financial results for the quarter ended June 30, 2026.
📋 Key Facts
- The filing was made on August 12, 2026.
- The company is reporting earnings for the fiscal quarter ending June 30, 2026.
- An earnings press release was issued as Exhibit 99.1.
SKYX Platforms Corp. held its 2026 Annual Meeting of Stockholders on July 8, 2026. The meeting resulted in the election of seven directors and the ratification of M&K CPAS, PLLC as the company's independent auditor.
🚩 Red Flags
- High volume of Broker Non-Votes (26,760,201) suggests a significant portion of shareholders did not instruct their brokers on how to vote, which can impact governance clarity.
📋 Key Facts
- Annual Meeting held on July 8, 2026.
- Seven directors elected: Rani R. Kohen, Nancy DiMattia, Gary N. Golden, Efrat L. Greenstein Brayer, Thomas J. Ridge, Dov Shiff, and Leonard J. Sokolow.
- M&K CPAS, PLLC ratified as the independent registered public accounting firm for fiscal year ending Dec 31, 2026.
- Executive compensation was approved on an advisory, non-binding basis (Say-on-Pay).
- Significant number of 'Broker Non-Votes' recorded across all items (approx. 26.7M shares).
SKYX Platforms Corp. announced its financial results for the first quarter ended March 31, 2026, via a press release. The filing serves as a routine quarterly earnings disclosure under Item 2.02.
📋 Key Facts
- The report was filed on May 11, 2026, covering the fiscal quarter ended March 31, 2026.
- The company furnished an earnings press release as Exhibit 99.1.
- The filing was signed by Leonard J. Sokolow, Chief Executive Officer.
- The disclosure was made under Item 2.02 (Results of Operations and Financial Condition).
SKYX Platforms Corp. announced its financial results for the fourth quarter and fiscal year ended December 31, 2025, via a press release furnished on March 26, 2026.
📋 Key Facts
- The filing was made on March 26, 2026, reporting on the period ended December 31, 2025.
- The disclosure was made under Item 2.02 (Results of Operations and Financial Condition).
- A press release detailing the financial results was included as Exhibit 99.1.
- The company is listed on The Nasdaq Stock Market LLC under the symbol SKYX.
SKYX Platforms Corp. entered into a securities purchase agreement to conduct a registered direct offering of 10,000,000 shares at $2.50 per share. The offering aims to raise approximately $25.0 million in gross proceeds for working capital and general corporate purposes.
🚩 Red Flags
- Significant dilution for existing shareholders due to the issuance of 10 million new shares.
📋 Key Facts
- Offering size: 10,000,000 shares of common stock.
- Offering price: $2.50 per share.
- Aggregate gross proceeds: Approximately $25.0 million (before fees).
- Placement Agent: Roth Capital Partners, LLC.
- Placement Agent fee: 6.5% cash fee plus $75,000 in expense reimbursement.
- Expected closing date: January 26, 2026.
- Use of proceeds: Working capital and general corporate purposes.
SKYX Platforms Corp. entered into a Securities Purchase Agreement with a strategic investor to raise $4,000,000 in gross proceeds. The capital is intended for working capital and general corporate purposes.
🚩 Red Flags
- Issuance of common stock at $2.00 per share may lead to future dilution for existing shareholders.
📋 Key Facts
- Date of agreement: January 7, 2026
- Total gross proceeds: $4,000,000
- Shares issued: 2,000,000 shares of Common Stock
- Price per share: $2.00
- Exemption used: Section 4(a)(2) of the Securities Act (Regulation D/Rule 506)
- Use of proceeds: Working capital and general corporate purposes
A member of the Board of Directors converted a $835,900 subordinated convertible promissory note into common stock and simultaneously entered into an amendment to extend the maturity date and increase interest rates.
🚩 Red Flags
- Related-party transaction: A member of the Board of Directors is the counterparty in a significant debt conversion and restructuring.
- Debt restructuring with an insider: The company is extending maturity and increasing interest rates for a director's note, which may indicate liquidity constraints or preferential treatment.
- Potential dilution: Conversion of substantial debt into common stock dilutes existing shareholders.
📋 Key Facts
- Board member converted $835,900 (principal plus accrued/unpaid interest from 2020) into common stock on December 31, 2025.
- Note Amendment executed on December 30, 2025, extends the maturity date to May 1, 2027.
- Interest rate increased to 10% per annum under the amendment.
- Conversion price adjusted to $2.20 per share.
SKYX Platforms Corp. closed a $500,000 private placement of Series A-2 Preferred Stock to an existing and a new strategic investor. The company also amended its Certificate of Designation to significantly increase the authorized number of Series A-2 Preferred shares.
🚩 Red Flags
- Small capital raise ($500k) suggests limited runway or high burn rate typical of micro-cap companies in need of immediate liquidity.
- Significant increase (4x) in authorized Series A-2 Preferred Stock indicates potential for future large-scale dilution.
📋 Key Facts
- Gross proceeds from the offering: $500,000
- Securities issued: 20,000 shares of Series A-2 Preferred Stock
- Price per share: $25.00
- Date of closing/signing: December 30, 2025 (Report date Dec 23, 2025 discrepancy in text noted)
- Amendment to Certificate of Designation increased Series A-2 Preferred shares from 40,000 to 160,000
- Use of proceeds: Working capital and general corporate purposes
SKYX Platforms Corp. closed a $1.0 million financing via the issuance of 40,000 shares of Series A-2 Preferred Stock to an existing strategic investor at $25.00 per share. The preferred stock carries significant liquidation preferences and highly dilutive conversion terms.
🚩 Red Flags
- Highly dilutive conversion feature ($25.00 issue price vs. $2.00 conversion price)
- Cumulative dividend obligation with a 12% penalty rate on unpaid amounts
- Senior liquidation preference for the new Series A-2 stock
- Mandatory conversion clause triggered by 'specified events' over the next two years
- Potential for significant dilution via the 400,000 shares of common stock reserved for dividend payments
📋 Key Facts
- Gross proceeds: $1.0 million
- Security issued: 40,000 shares of Series A-2 Preferred Stock
- Issue price: $25.00 per share (no price protection)
- Dividend: 8% cumulative cash dividend; unpaid dividends accrue at 12%
- Conversion Price: $2.00 per share (as-converted basis)
- Liquidation Preference: Senior to common stock and other unspecified classes; ranks par with Series A and A-1
- Redemption: Company can redeem after 3 years at $25.00 + accrued dividends
SKYX Platforms Corp. filed an 8-K to announce the release of its financial results for the quarter ended September 30, 2025.
📋 Key Facts
- Report date: November 12, 2025
- Reporting period: Quarter ended September 30, 2025
- The company is d/b/a Sky Technologies
- Earnings press release furnished as Exhibit 99.1
SKYX Platforms Corp. has restructured $7.6 million in existing convertible promissory notes, extending their maturity by five years to 2030, and secured an additional $2 million from a lead investor. This results in a total of $9.6 million in subordinated secured convertible promissory notes with a conversion price of $1.20 per share.
🚩 Red Flags
- Significant debt restructuring/extension suggests immediate liquidity constraints and inability to repay original terms.
- Convertible note structure (debt-for-equity swap potential) leads to significant dilution for existing shareholders at a fixed $1.20 price.
- The notes are 'subordinated secured,' indicating complex creditor priority structures.
📋 Key Facts
- Restructured/extended $7.6M in existing notes; maturity moved to October 17, 2030.
- Secured $2M in new capital from an existing lead investor via a Securities Purchase Agreement (SPA).
- Total debt under the new structure is $9.6 million in subordinated secured convertible promissory notes.
- Conversion price set at $1.20 per share.
- Interest rate: 7% cash interest + 3% cash or stock option, totaling 10% per annum.
- New proceeds ($2M) are designated for general working capital purposes.
John Campi has retired from his position as Co-Chief Executive Officer of SKYX Platforms Corp., effective September 30, 2025. Leonard Sokolow will continue to serve as the sole Chief Executive Officer following this transition.
🚩 Red Flags
- None identified; transition was planned and communicated via an established succession plan.
📋 Key Facts
- Effective date of retirement: September 30, 2025.
- Outgoing officer: John Campi (Co-CEO).
- Remaining leadership: Leonard Sokolow will continue as CEO.
- John Campi remains a shareholder and investor in the Company.
- The departure is part of a pre-established succession plan.
SKYX Platforms Corp. restructured $2.75 million in existing debt and secured a new $3.25 million capital infusion from an existing investor, totaling a new $6 million subordinated secured convertible promissory note. The restructuring extends the maturity of previous notes to September 2030.
🚩 Red Flags
- High reliance on existing investors for survival/liquidity.
- Issuance of convertible debt can lead to significant dilution for existing shareholders upon conversion.
- The restructuring of $2.75M in debt suggests the company was facing imminent maturity pressures.
📋 Key Facts
- Restructured/extended $2.75M in existing convertible promissory notes; new maturity date is September 2, 2030.
- Secured $3.25M in additional capital from a lead existing investor.
- New subordinated secured convertible promissory note issued for a total principal amount of $6 million.
- Conversion price set at $1.20 per share.
- Interest rate is 10% per annum (8% cash, 2% cash or stock).
- Use of proceeds: General working capital.
SKYX Platforms Corp. filed an 8-K to announce the release of its financial results for the quarter ended June 30, 2025.
📋 Key Facts
- The company issued a press release on August 12, 2025, regarding quarterly earnings.
- Reporting period: Quarter ended June 30, 2025.
- The filing includes an Earnings Press Release as Exhibit 99.1.
SKYX Platforms Corp. issued a press release announcing preliminary unaudited revenue results for the quarter ended June 30, 2025, and provided a general business update.
🚩 Red Flags
- Preliminary nature of the financial data: Results are unaudited and subject to material adjustment upon finalization.
📋 Key Facts
- Announced preliminary unaudited revenue for the three months ended June 30, 2025.
- The financial results are estimates subject to adjustment following internal and external audit review procedures.
- The filing includes a business update as part of Exhibit 99.1.
SKYX Platforms Corp. held its 2025 Annual Meeting of Stockholders on July 9, 2025. The meeting resulted in the election of seven directors and the ratification of M&K CPAS, PLLC as the independent auditor for the fiscal year ending December 31, 2025.
📋 Key Facts
- Annual Meeting held on July 9, 2025.
- Seven directors (Rani R. Kohen, Nancy DiMattia, Gary N. Golden, Efrat L. Greenstein Brayer, Thomas J. Ridge, Dov Shiff, and Leonard J. Sokolow) were elected to serve until the next annual meeting or successors.
- M&K CPAS, PLLC was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Executive compensation was approved on an advisory, non-binding basis (Say-on-Pay).
- Total votes cast for director elections were approximately 25.9 million shares per nominee.
SKYX Platforms Corp. filed an 8-K to announce its financial results for the quarter ended March 31, 2025. The filing serves as a formal announcement of the earnings press release issued on May 14, 2025.
📋 Key Facts
- Company announced quarterly financial results for the period ending March 31, 2025.
- The report was filed on May 14, 2025.
- Results were communicated via a press release (Exhibit 99.1).
SKYX Platforms Corp. entered into Securities Purchase Agreements to issue 75,000 shares of Series A-1 Preferred Stock at $25.00 per share, aiming to raise approximately $1.875 million in gross proceeds for working capital.
🚩 Red Flags
- Frequent issuance of preferred stock (previous filings mentioned in May 2, 2024, and March 12, 2025, indicate a pattern of continuous capital raises).
- Reliance on private placements for working capital suggests potential liquidity constraints.
📋 Key Facts
- Gross proceeds expected: $1,875,000 (before transaction expenses).
- Security type: Series A-1 Preferred Stock.
- Number of shares: 75,000.
- Price per share: $25.00.
- Purpose of funds: Working capital and general corporate purposes.
- Exemption: Issued under Section 4(a)(2) of the Securities Act (Regulation D/Rule 506).
SKYX Platforms Corp. filed an amendment to its Certificate of Designation regarding Series A-1 Preferred Stock. The amendment increases the authorized number of Series A-1 Preferred shares from 400,000 to 480,000.
🚩 Red Flags
- Increase in authorized preferred stock can sometimes signal intent to raise capital via preferred equity, which may lead to future dilution for common shareholders.
📋 Key Facts
- Effective date of amendment: May 2, 2025.
- Series A-1 Preferred Stock original issue price: $25.00 per share.
- Authorized Series A-1 shares increased from 400,000 to 480,000 (a 20% increase in authorized capacity for this class).
- Amendment approved by the Board of Directors and a majority of Series A-1 holders.
SKYX Platforms Corp. entered into a Securities Purchase Agreement on April 7, 2025, to raise $975,000 through the sale of Series A-1 Preferred Stock. The proceeds are intended for working capital and general corporate purposes.
🚩 Red Flags
- Small capital raise ($975k) suggests limited runway or urgent need for liquidity.
- Private placement at a fixed price often indicates difficulty accessing public markets for equity financing.
📋 Key Facts
- Gross proceeds from the offering: $975,000 (before transaction expenses).
- Securities issued: 39,000 shares of Series A-1 Preferred Stock.
- Price per share: $25.00.
- The issuance was conducted under Section 4(a)(2) of the Securities Act and Regulation D/Rule 506 (private placement).
- Purpose of funds: Working capital and general corporate purposes.
SKYX Platforms Corp. issued an 8-K to furnish its earnings press release for the fiscal quarter ended September 30, 2024.
📋 Key Facts
- Report date: March 24, 2025
- Reporting period: Quarter ended September 30, 2024
- The filing is pursuant to Item 2.02 (Results of Operations and Financial Condition)
- Company d/b/a Sky Technologies
SKYX Platforms Corp. has amended and restated its bylaws to align with new SEC universal proxy card rules and established the date for its 2025 Annual Meeting of Stockholders.
📋 Key Facts
- The Board approved the Third Amended and Restated Bylaws effective March 21, 2025.
- Bylaw changes include updated procedural mechanics for stockholder nominations and proposals to comply with SEC Rule 14a-19 (universal proxy cards).
- New bylaws require stockholders soliciting proxies to use a non-white proxy card color; white is reserved for the Board.
- The 2025 Annual Meeting of Stockholders is scheduled for July 9, 2025.
- The record date for the Annual Meeting was set as May 13, 2025.
SKYX Platforms Corp. issued a press release announcing preliminary, unaudited financial results for the three months ended December 31, 2024. The company notes these figures are subject to adjustment pending completion of audit procedures.
🚩 Red Flags
- Preliminary nature of financial data increases the risk of material restatements once final audits are completed.
📋 Key Facts
- Report date: March 17, 2025
- Reporting period: Three months ended December 31, 2024
- Nature of results: Preliminary and unaudited
- Status: Subject to adjustment following internal and external audit review procedures
SKYX Platforms Corp. entered into a Securities Purchase Agreement on March 11, 2025, to issue 40,000 shares of Series A-1 Preferred Stock at $25.00 per share for gross proceeds of $1.0 million.
🚩 Red Flags
- Small offering size ($1.0M) may indicate limited access to traditional capital markets.
📋 Key Facts
- Date of agreement: March 11, 2025
- Total gross proceeds: $1.0 million
- Security type: Series A-1 Preferred Stock
- Number of shares issued: 40,000
- Price per share: $25.00
- Exemption: Section 4(a)(2) of the Securities Act (Regulation D/Rule 506)
- Use of proceeds: Working capital and general corporate purposes
SKYX Platforms Corp. entered into a new three-year employment agreement with Steven Schmidt as President on December 20, 2024. The agreement includes significant equity compensation via restricted stock units (RSUs) and options.
🚩 Red Flags
- Significant dilution potential due to the issuance of up to 450,000 new equity instruments (RSUs and options) across two tranches.
📋 Key Facts
- Effective Date: December 20, 2024
- Officer: Steven Schmidt, President
- Agreement Term: Three years, ending December 31, 2027
- Equity Compensation (Part 1): 250,000 RSUs and 250,000 options vesting quarterly in increments of 20,000 starting Dec 31, 2024
- Equity Compensation (Part 2): 100,000 RSUs and 100,000 options vesting in two equal annual installments on Jan 1, 2025, and Jan 1, 2026
- Termination Clause: Either party may terminate with 30 days' written notice for any reason
SKYX Platforms Corp. (d/b/a Sky Technologies) filed an 8-K to furnish its quarterly earnings press release for the period ended September 30, 2024.
📋 Key Facts
- The filing was made on November 12, 2024.
- The company is reporting results for the quarter ended September 30, 2024.
- The primary exhibit (99.1) is an earnings press release.
SKYX Platforms Corp. has successfully resolved a Nasdaq compliance issue regarding its minimum bid price requirement. The company met the $1.00 per share threshold for 11 consecutive business days, resulting in the matter being closed by Nasdaq.
🚩 Red Flags
- Historical non-compliance with the $1.00 minimum bid price rule (Nasdaq Rule 5550(a)(2)).
📋 Key Facts
- Nasdaq staff determined the Company is in compliance with Listing Rule 5550(a)(2).
- Compliance was achieved via a closing bid price of $1.00 or greater for 11 consecutive business days (Oct 7, 2024 - Oct 21, 2024).
- The delisting matter is officially considered closed by Nasdaq staff as of October 22, 2024.
SKYX Platforms Corp. completed a $11.0 million sale of newly authorized Series A and Series A-1 Preferred Stock to accredited investors, including company insiders. The offering includes significant conversion rights and dividend obligations that rank senior to common stock.
🚩 Red Flags
- Related-party transactions: Significant portion of the Series A-1 offering was purchased by company executives (President and Co-CEOs).
- Highly dilutive conversion terms: The $2.00 conversion price represents a significant discount to the issuance price ($25.00) and could lead to substantial common stock dilution.
- Seniority/Liquidation Preference: Preferred shares rank senior to common stock in liquidation, dividends, and distributions.
- Dividend obligations: Cumulative 8% cash dividend with a high-interest penalty (12%) for non-payment.
📋 Key Facts
- Total gross proceeds from the sale: $11.0 million.
- Series A: 200,000 shares sold at $25.00 per share; convertible to common stock at $2.00 per share.
- Series A-1: 240,000 shares sold at $25.00 per share; convertible to common stock at $2.00 per share.
- Both series carry an 8% annual cumulative cash dividend with a 12% penalty rate for unpaid dividends.
- The Series A-1 offering included company insiders: President Steven Schmidt, Co-CEO John P. Campi, and Co-CEO/Director Leonard J. Sokolow.
- Conversion price of $2.00 per share includes a 40% price protection clause.
SKYX Platforms Corp. has authorized a total of 800,000 shares of new convertible preferred stock through the creation of Series A and Series A-1 Preferred Stock classes.
🚩 Red Flags
- Authorization of large amounts of convertible preferred stock often precedes dilutive financing rounds or debt-for-equity swaps.
- The creation of multiple new classes of preferred stock (Series A and Series A-1) suggests complex capital restructuring or specific investor requirements.
📋 Key Facts
- Authorized 400,000 shares of Series A Preferred Stock on September 30, 2024.
- Authorized 400,000 shares of Series A-1 Preferred Stock on September 30, 2024.
- The new securities are convertible into common stock.
- Filings include Certificates of Designation for both series as Exhibits 3.1 and 3.2.
SKYX Platforms Corp. received a notice from Nasdaq stating it is non-compliant with the $1.00 minimum bid price requirement after closing below $1.00 for 30 consecutive business days. The company has until March 31, 2025, to regain compliance or face potential delisting.
🚩 Red Flags
- Delisting notice from Nasdaq
- Potential requirement for a reverse stock split to regain compliance
- Persistent low share price (below $1.00 for 30+ days)
📋 Key Facts
- Received notice from Nasdaq on October 2, 2024.
- Non-compliance due to closing bid price being below $1.00 for 30 consecutive business days.
- Initial period of 180 calendar days provided to regain compliance (deadline: March 31, 2025).
- To regain compliance, the stock must close at or above $1.00 for 10 consecutive business days.
- The company may be eligible for an additional 180-day period if it meets other Nasdaq standards and intends to cure via a reverse stock split.
SKYX Platforms Corp., via its subsidiary Belami, Inc., entered into a $3.5 million secured revolving line of credit with Farmers & Merchants Bank of Central California. This agreement renews and increases the company's previous credit facility to provide working capital.
🚩 Red Flags
- Debt Service Coverage Ratio (DSCR) covenant of 1.25x may be tight for a micro-cap company depending on cash flow volatility.
- Working capital requirement of $1.75 million acts as a restrictive liquidity floor.
📋 Key Facts
- Amount: $3.5 million secured revolving line of credit.
- Lender: Farmers & Merchants Bank of Central California.
- Interest Rate: Variable, based on WSJ Prime Rate (floor of 7.5%).
- Maturity Date: September 5, 2025.
- Covenants: Requires working capital > $1.75 million and a debt service coverage ratio > 1.25 to 1.00.
- Guaranty: SKYX Platforms Corp. provides a commercial guaranty for the subsidiary's obligations.
SKYX Platforms Corp. filed an 8-K to furnish its earnings press release for the quarterly period ended June 30, 2024.
📋 Key Facts
- The filing is a standard announcement of financial results for the quarter ending June 30, 2024.
- The report was filed on August 12, 2024.
- The company operates under the name SKYX Platforms Corp. (d/b/a Sky Technologies).
SKYX Platforms Corp. held its 2024 Annual Meeting of Stockholders on July 10, 2024. The meeting resulted in the election of seven directors and the ratification of M&K CPAS, PLLC as the independent auditor.
📋 Key Facts
- Annual Meeting held on July 10, 2024.
- Seven directors elected: Rani R. Kohen, Nancy DiMattia, Gary N. Golden, Efrat L. Greenstein Brayer, Thomas J. Ridge, Dov Shiff, and Leonard J. Sokolow.
- M&K CPAS, PLLC ratified as the independent registered public accounting firm for fiscal year ending Dec 31, 2024.
- Stockholders approved the Amended and Restated 2021 Stock Incentive Plan, increasing shares reserved by 20,000,000 shares.
- Executive compensation was approved on an advisory, non-binding basis.
SKYX Platforms Corp. filed an 8-K to furnish its earnings press release for the fiscal quarter ended March 31, 2024.
📋 Key Facts
- Report date: May 14, 2024
- Reporting period: Quarter ended March 31, 2024
- The filing includes an earnings press release as Exhibit 99.1
- Company is d/b/a Sky Technologies
SKYX Platforms Corp. issued a $1.0 million, 3-year no-interest convertible promissory note to GE Trademark Licensing, Inc. (GE-TL) in exchange for a $400,000 reduction in cash payments due.
🚩 Red Flags
- Convertible debt at a fixed price ($1.07) can lead to significant dilution for existing shareholders upon conversion.
- The restructuring of cash payments into a promissory note suggests potential liquidity constraints or a desire to preserve immediate cash flow.
📋 Key Facts
- Issued a $1.0 million no-interest bearing convertible promissory note to GE-TL on April 11, 2024.
- The note matures on April 11, 2027.
- Conversion price is set at $1.07 per share.
- The transaction resulted in a $400,000 reduction of immediate cash obligations to GE-TL.
- The Note includes piggyback registration rights for the holder.
SKYX Platforms Corp. issued an 8-K to announce the release of its financial results for the fiscal year ended December 31, 2023.
📋 Key Facts
- The filing is a standard announcement of annual financial results (Item 2.02).
- Financial results pertain to the period ending December 31, 2023.
- The company operates under the name SKYX Platforms Corp. (d/b/a Sky Technologies).