联合国

证券交易委员会

华盛顿，特区20549

形式 10-K/A

（马克一）

☒	根据第13或15（d）条提交的年度报告 1934年证券交易所法案

为日终了的财政年度 12月31日, 2023

或

☐	过渡报告 1934年证券交易所法第13或15（d）节

为从_

委员会文件号： 001-36492

年龄航空系统公司

（确切的章程中规定的注册人名称）

内华达州		88-0422242
（国家或其他司法管辖区的成立或组织）		（国税局雇主识别否。）

8201 e.第34街北, 1307套房, 威奇托, 堪萨斯州		67226
（地址主要行政办公室）		（Zip 代码）

注册者的电话号码，包括地区代码： (620) 325-6363

证券根据该法案第12（b）条登记的：

标题各班		交易符号		名称注册的每个交易所
共同股票，面值每股0.001美元		无人机		NYSE 美国有限责任公司

证券根据该法案第12（g）条登记：无。

指示如果注册人是《证券法》第405条规定的知名经验丰富的发行人，则勾选标记。是的没有 ☒

指示如果注册人无需根据该法案第13或15（d）条提交报告，则勾选标记。是的没有 ☒

指示勾选注册人（1）是否已提交证券第13或15（d）条要求提交的所有报告 1934年《交易法》（“交易法”）在过去12个月内（或注册人被要求提交此类报告），并且（2）在过去90天内一直遵守此类提交要求。是的 ☒没有☐

指示检查注册人是否已以电子方式提交了根据规则需要提交的所有交互数据文件 S-t法规第405条（本章第232.405条）在过去12个月内（或注册人被要求提交此类文件）。是的没有

指示通过勾选注册人是大型加速文件管理者、加速文件管理者、非加速文件管理者还是小型报告公司请参阅“大型加速文件夹”、“加速文件夹”、“新兴成长型公司”的定义以及《交易法》第120亿.2条中的“小型报告公司”。

大加速编报公司	☐	加速 filer	☐
非加速 Filer	☒	较小报告公司	☒
		新兴成长型公司	☐

如果新兴成长型公司，如果注册人选择不使用延长的过渡期来遵守规定，请通过勾选标记表示根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。☐

指示检查注册人是否已提交其管理层对其有效性评估的报告和证明根据《萨班斯-奥克斯利法案》（15 USC）第404（b）条对其财务报告的内部控制7262（b））由注册人编制或出具审计报告的公共会计师事务所。 ☐

如果证券是根据《交易法》第12（b）条登记的，通过复选标记表明的财务报表是否文件中包含的登记人反映了对之前发布的财务报表错误的更正。 ☐

指示通过勾选这些错误更正是否是需要对基于激励的薪酬进行恢复分析的重述根据第240.10D（b）条，注册人的任何执行官员在相关恢复期内收到。☐

指示勾选注册人是否是空壳公司（定义见《交易法》第120亿.2条）。是的否 ☒

的非关联公司持有的有投票权和无投票权普通股的总市值，参考价格计算该普通股最后一次出售是在注册人最近完成的第二财年的最后一个工作日 $25,134,429.

作为截至2024年11月26日，有 4,768,308 （2024年10月15日生效的50：1反向股票分割后）普通股，面值美元0.001 每股已发行和发行

年龄航空系统公司

表内容

	E解释性注释
部分我		4
项目 1.	生意场	5
项目 1A.	风险因素	25
项目 10亿。	未解决工作人员评论	38
项目 1C.	网络安全	38
项目 2.	特性	40
项目 3.	法律诉讼	40
项目 4.	我安全披露	40
部分 II		41
项目 5.	市场对于注册人的普通股票、相关股东事项和发行人购买股票证券	41
项目 6.	[保留]	42
项目 7.	管理层的财务状况和运营结果的讨论和分析	42
项目 7A.	定量关于市场风险的潜在披露	53
项目 8.	金融声明和补充数据	53
项目 9.	变化在会计和财务披露方面与会计师的意见分歧	53
项目 9A.	控制和程序	53
项目 90亿。	其他信息	54
项目 9C.	公开关于防止检查的外国司法管辖区	54
部分 III		55
项目 10.	董事们，行政官员和企业政府	55
项目 11.	执行补偿	55
项目 12.	安全某些受益人和股东的所有权以及相关股东事项	55
项目 13.	某些关系和相关交易以及董事独立性	55
项目 14.	主要会计费用和服务	55
部分 IV		56
项目 15.	展览，财务报表、日程表	56
指数财务报表		F-1
项目 16.表格10-k摘要		57

解释性注意

AgEagle 航空系统公司(the“公司”、“我们”、“我们”和“我们的”）提交了年度报告 4月1日，美国证券交易委员会（“SEC”）提交了截至2023年12月31日财年的10-k表格， 2024年（“原始表格10-K”）并提交了截至3月份的三个月、六个月和九个月的10-Q表格季度报告分别于2023年5月15日、2023年6月30日和2023年9月30日分别于2023年5月15日、2023年8月14日和2023年11月13日（统称所指的是“原始表格10-Q”）。提交原始表格10-k和原始表格10-Q后对于2023财年的年终和中期，我们发现了所有上述文件中都存在的错误。

背景重述

后续在提交原始表格10-k和原始表格10-Q时，管理层发现了可归因净损失的计算错误对普通股股东的影响以及我们经审计和未经审计的综合经营报表中列出的全面损失，以及综合损失分别包含在原始表格10-k和原始表格10-Q中。净损失计算中的误差应占普通股股东导致低估了每股普通股基本和稀释后的净亏损，正如我们的年内所有季度和年终报告期的未经审计和审计综合运营报表和全面亏损分别是我们的2023财年。

的归属于普通股股东的净损失错误地排除了未发行F系列优先股的应计累积股息并被视为因触发未偿股票相关金融工具中嵌入的向下轮特征而产生的股息。根据ASC 260 每股收益， 普通股股东可获得的收入应扣除累积股息计算期间累计优先股。此外，下轮特征的影响价值应在股权分类中得到认可触发下轮功能时的独立金融工具。该影响应视为股息和增加在计算每股收益时计入归属于普通股股东的净亏损。

此外，应计累计股息和视为股息计入其他全面亏损的组成部分。但依照 ASC 220 -利润表-报告全面利润 需要报告作为直接调整的项目额外实缴资本和保留收益不被视为其他全面收益（损失）的组成部分。

在……上面 2024年11月7日，公司董事会审计委员会与公司管理层讨论后得出结论，以前印发的截至2023年12月31日和2022年12月31日止年度及截至2022年12月31日止年度的合并财务报表和表格10-Q 由于讨论的错误，不应再依赖于2023年3月31日、2023年6月30日和2023年9月30日这三个季度以上，并要求重述。本修正案第1号反映上述自12月31日起及截至12月31日止年度的变化， 2023年和2022年，并重申公司的综合经营报表和全面亏损。本修正案第1号亦包括扩大的财务和其他披露，以代替为截至3月的每个季度提交单独修订的10-Q/AS表格 2023年6月30日、2023年6月31日和2023年9月30日。我们认为，提交这份扩大的年度报告使我们能够提供信息以一种比单独提交上述每一份修订备案文件更有效的方式向投资者提交。

指请参阅本表格10-K/A中包含的注释17，了解更正的更多详情错误以及受错误影响的所有期间对合并财务报表的影响摘要，该错误是孤立的合并经营报表和全面亏损。

在鉴于上一报告期发现的错误，我们还修改了第9A条 控制和程序修改我们最初的结论是我们对财务报告的控制是有效的。

部分我

这 10-k表格年度报告(“年度报告”)包含证券法定义的前瞻性陈述。经修订的1933年《证券交易法》，或经修订的1934年《证券交易法》，或1995年的《私人证券诉讼改革法》。投资者请注意，此类前瞻性陈述是基于我们管理层的信念和假设以及目前的信息可供我们的管理层使用，并涉及风险和不确定性。前瞻性陈述包括有关我们的计划、战略、目标、期望和意图，可随时根据我们的决定进行更改。前瞻性陈述包括我们不时地评估我们的竞争地位、行业环境、潜在的增长机会、影响监管和我们无法控制的事件，如自然灾害、战争或卫生流行病。前瞻性陈述包括所有不是历史事实的陈述，可以通过诸如“预期”、“相信”、“ “可能”、“估计”、“期望”、“希望”、“打算”、“可能”、“计划” “潜力”、“预测”、“项目”、“应该”、“将会”、“将会” 或类似的表达方式。

前瞻性陈述只是预测，因此固有地受到不确定性和其他可能导致实际结果的因素的影响与前瞻性陈述存在重大差异。这些不确定性和其他因素包括：

	●	意想不到的重大研究和产品开发工作中固有的技术和营销困难；

	●	我们的保持市场创新者的能力，创造新的市场机会，和/或拓展新的市场；

	●	这个可能需要改变我们的长期战略，以适应未来的发展；

	●	我们的有能力吸引和留住技术熟练的员工；

	●	我们的有能力筹集足够的资本来支持我们的运营并为我们的增长计划提供资金；

	●	意想不到的包括零部件和原材料在内的重大业务费用发生变化；

	●	任何对我们的经销商、供应商、客户和员工的中断或威胁中断或与他们的关系，包括短缺在我们产品的零部件方面；

	●	变化在我们产品的供应、需求和/或价格方面；

	●	增额竞争，包括来自资源可能比我们多得多的公司，以及无人驾驶飞机来自成本较低的商用无人机制造商的系统细分市场，他们可能会寻求随着时间的推移提高自己的系统能力；

	●	这个获得和开展国际业务的复杂性和不确定性，包括出口合规和其他报告和合规要求；

	●	的潜在安全和网络威胁的影响或未经授权访问我们的客户和/或我们的供应商的风险信息和系统;

	●	不确定商业用途无人航空系统的客户采用率;

	●	变化在监管环境中，以及破产可能对我们的财务状况、业务和声誉造成的后果遵守该等监管规定；

	●	我们的能够继续成功地将被收购的公司整合到我们的运营中，包括及时和充分地将国际业务整合到我们正在进行的业务和合规计划中；

	●	我们的有能力应对和适应意外的法律、法规和政府预算变化，包括因持续的新冠肺炎大流行，例如供应链中断、疫苗授权、未来变种的威胁以及由此产生的政府强制关闭、检疫政策、旅行限制和社会距离、出口合规要求、削减贸易和其他商业限制，影响我们生产和销售产品的能力；

	●	失稳开发新产品或将新技术融入现有产品；

	●	不利的导致我们可能受到的法律程序的影响；

	●	失稳建立和维持对财务报告的有效内部控制；以及

	●	一般信息美国和世界其他地区的经济和商业状况，包括通胀的影响。

设置下文第1A项“风险因素”中的是其他重大不确定性和影响前瞻性的其他因素报表读者应该明白，本年度报告中确定的不确定性和其他因素并不全面可能影响前瞻性陈述的所有不确定性和其他因素的列表。我们不承担任何更新义务或修改任何前瞻性陈述或可能影响这些陈述的不确定性和其他因素列表。

项目 1.业务

概述

AgEagle^™航空系统公司(“AgEagle”或“公司”)，通过其全资子公司，积极参与在设计和交付一流的无人机、传感器和软件方面，为我们的客户解决重要问题。成立于2010年， AgEagle最初成立的目的是开创专有、专业级、固定翼无人机和基于航空图像的数据收集以及针对农业行业的分析解决方案。今天，该公司作为全球受人尊敬的市场领先者赢得了卓越的地位提供以客户为中心的先进自主无人机系统(UAS)，这些系统可在飞行硬件、传感器和软件，适用于农业、军事/国防、公共安全、测绘和公用事业/工程等。AgEagle还取得了许多监管第一，包括获得政府对以下项目的批准它的商业和战术无人机将超越视线(BVLOS)和/或在人的上空执行任务(OOP) 在美国、加拿大、巴西和欧盟，并获得国防创新部门的蓝色无人机认证美国国防部。

AgEagle的从2018年仅生产固定翼农用无人机转变和扩张，转向提供公司认为的行业之一最好的固定翼全栈无人机解决方案于2021年达到顶峰，当时该公司收购了三家从事生产的市场领先公司供商业和政府使用的UAS机身、传感器和软件。除了强大的专有互联硬件产品组合之外和软件产品;由200多家UAS经销商组成的成熟全球网络;以及全球企业客户;这些收购 AgEagle还带来了一支极具价值的员工队伍，主要由经验丰富的工程师和技术专家组成，具有深厚的专业知识机器人、自动化、制造和数据科学领域。2022年，公司成功整合全部三家收购公司与AgEagle合作组建一家专注于将自主飞行性能提升到更高水平的全球公司。

我们核心技术能力包括机器人和机器人系统自主性;先进的热和多光谱传感器设计和开发;嵌入式软件和硬件;安全无线数字通信和网络;轻型机身;小型UAS（“sUAS”）设计、集成和操作;动力电子和推进系统;控制和系统集成;固定翼飞行;飞行管理软件;数据捕获和分析;人机界面开发和集成任务解决方案。

随着公司推行其战略，寻求新的举措来改善其运营和成本结构，公司还在扩大和完善其信息技术，从而产生了更大的技术存在，利用了“云” 计算服务，以及相应的网络安全风险暴露。某些技术，如使用自动驾驶车辆，远程控制设备、虚拟现实、自动化和人工智能带来了新的重大网络安全风险，必须在实施之前进行分析和解决。如果我们无法评估和识别与新计划相关的网络安全风险，我们可能会变得越来越容易受到此类风险的影响。因此，该公司正在开发和确保技术的安全，以防止黑客攻击和恶意攻击。随着驱动我们的无人机和摄像头的软件变得更加自主和互联，它们变得网络威胁的潜在目标。确保数据传输和控制系统的安全一直是并将继续是至关重要的防止未经授权的访问和滥用。

的公司目前总部位于堪萨斯州威奇托，我们的传感器制造业务位于那里，并运营我们的业务以及北卡罗来纳州罗利和瑞士洛桑的无人机制造，支持我们的国际业务活动。

战略 2021年收购（“2021年收购”）

米卡Sense^™, Inc.

在 2021年1月，AgEagle收购MicaSense™，Inc.（“MicaSense”），一家一直处于先进前沿的公司自2014年成立以来，无人机传感器的开发。2022年初，AgEagle完成开发并将 ALTUM-PT^™和RedEdge-P^™ --提供关键进步的下一代热和多光谱传感器主要向农业、植物研究、土地管理和林业管理领域的客户提供MicaSense的传统传感器产品。如今，AgEagle的多光谱传感器分布在全球超过75个国家/地区，帮助客户使用基于无人机的图像做出更好、更明智的业务决策。

测量环球公司.

在 2021年4月，AgEagle收购了Performance Global，Inc.（“测量”），一家成立于2020年的公司。为世界一流的客户服务基于，Test使其客户能够通过其 地面控制 溶液作为软件即服务（“SaaS”）提供， 地面控制 是一个基于云的即插即用操作系统，能够飞行员和大型企业拥有运营无人机机队所需的一切、自主飞行、全球协作、数据可视化，并与现有的业务系统和流程集成。地面控制中心为世界级的客户群提供服务，其中包括许多Fortune 500家公司。通过在AgEagle平台中添加测量的高级软件，结合其传感器和其他数据捕获和分析创新，我们的客户可以利用通过以下方式实现的显着的经济、安全和效率效益无人机大规模使用。

senseFly^™, S.A.

在 2021年10月，公司收购senseFly，SA和senseFly Inc.（统称“senseFly”），固定翼飞机领域的全球领导者无人机可以简化地理空间数据的收集和分析，使专业人士能够做出更好、更快的决策。成立 2009年，senseFly开发并生产了专有系列 eBee™- 品牌高性能固定翼无人机，具有在世界各地飞行了超过一百万次航班。这些自动无人机安全、超轻且易于使用，被数千人使用来自世界各地农业、政府/国防、工程和建筑等垂直行业的客户，以收集可操作的航空数据情报。

2022 集成活动

在 2022年，公司构建了企业架构，旨在无缝整合2021年完成的收购，从而统一一个全球品牌下的四个不同品牌：AgEagle。作为这一过程的一部分，AgEagle执行了一项行动计划，以创建长期可持续的通过规模经济、共享和优化资源（特别是人力资本）产生的效率来实现价值和知识--以及整合资产。对于整合的成功至关重要，也是公司能力的组成部分保持纪律、结构组织并植根于其核心价值观是：

	●	实施新的企业资源规划(“企业资源规划”)系统的建立和持续优化将持续到2024年；

	●	崩溃在所有收购的网站中，创建和推出了一个网站，可在www.ageagle.com上找到，展示公司的全部一套产品和能力，并于2023年完成；

	●	创作建立内联网员工门户，以支持和促进全企业的通信和连接，并于2023年完成；

	●	整合该公司在美国的业务和制造业务遍布全国各地的多个办事处在堪萨斯州、北卡罗来纳州、德克萨斯州、华盛顿州和华盛顿特区，到位于堪萨斯州威奇托市、北卡罗来纳州罗利市和北卡罗来纳州罗利市的三个集中地点卡罗莱纳和瑞士洛桑--该倡议于2022年底开始，2023年完成；

	●	承诺到持续的以客户为中心的产品开发路线图，旨在最好地利用流程、工具、培训的正确组合和项目管理，以有效地满足产品增强和新产品发布的最后期限，并实现发布后销售和营销关键绩效指标；以及

	●	换班在高级和中层管理人员的职责中，优化优势，正确调整职能和跨职能目标和目的，我们作为一项持续的倡议持续监测这些目标。

我们无人机品牌系列

eBee^™专业无人机系列

出售通过AgEagle的直销团队和全球值得信赖的经销商网络，该公司的 eBee 线商业和政府/军用无人机已完成超过100万次成功任务，飞行时间超过50万小时过去十年此外，根据AgEagle对FAA官方Part 107商用无人机登记数据的分析，公司根据《信息自由法》请求提交，从2016年到2021年， eBee 是商用无人机是美国商用无人机运营商的首选，数量超过了所有其他注册的固定翼无人机，包括垂直起降（“VTOL”）飞机，占美国所有商用固定翼无人机注册量的41%。

●

EBee 银 – 可靠、实惠的无人机解决方案，帮助农民、农学家和服务提供商绘制和监测作物图又快又容易。这个EBee Ag其无人机传感器提供及时的植物健康洞察，其准确性和效率补充精准农业工作流程。它具有双重用途二重唱M摄像机，EBee Ag捕获准确的RGB和来自天空的多光谱数据，帮助用户更好地在地面上做出决策。EBee Ag还提供可用实时功能运动学(“RTK”)功能，以实现更高的地图精度。凭借可用的RTK，农业无人机可以实现使用其RGB摄像头，绝对精度可降至2.5厘米(1.0英寸)。高精度的植被指数地图使用户能够理解每英亩土地，同时在全田范围内管理有问题的区域-在它们影响利润之前。配备了标准电池，EBee 银能够飞行长达45分钟。可用的耐力电池将飞行时间增加到55分钟- 允许无人机在一次飞行中覆盖超过160公顷(395英亩)，与之相比，节省了宝贵的时间和金钱用传统的作物侦察。2024年2月14日宣布eBee Ag已停产，不可用待售的。对eBee X进行了增强，以用作该产品的替代品。

	●	EBee 地理位置 – 一款价格实惠的固定翼测绘无人机，旨在满足测量员、土木工程师和全球的地理信息系统专业人员。建立在10多年的无人机地图经验基础上，EBee地理位置坚固耐用，直观到操作并使小范围到大范围的测绘比使用地面测量设备更快、更高效独自一人。收集的数据可以快速处理成高精度的地理参考正射影像、数字高程模型、数字表面模型和高密度点云，带来超越普通矢量的额外价值。旨在补充用户测量工具包、eBee Geo配备入门所需的一切，包括专业无人机摄像头技术和情感，AgEagle的飞行计划软件最初由senseFly设计和开发。使用EBee 吉奥，用户可以在12000万(400英尺)下绘制高达160ha(395ac)的地图，最长飞行时间为45分钟。EBee地理位置也是可用于RTK定位。结合本公司专门建造的针对无人机应用进行了优化的传感器 (“S.O.D.A”)，即使在最恶劣的条件下，用户也能确保获得清晰、准确的地图输出。确实是 2024年2月14日宣布eBee Geo已停产，不可出售。增强了对 EBee X用作本产品的替代品。

	●	*EBee TAC^™– 专为政府和军事测绘和任务规划应用而设计，这个EBee TAC在断开连接的环境中运行，为地图绘制和本地共享天线提供更高精度的移动解决方案提供关于快速变化的战地条件的图像数据，以分析并向地面部队提供近乎实时的态势感知。称重只有3.5磅，采用数字伪装皮肤，提高了隐蔽性，飞行时间长达90分钟，任务静默模式，即EBee TAC*可以快速部署，从组装到手动发射，由单个用户在三分钟内生成3D 建模、地形和热图。每个系统都配备了符合国防授权法案(NDAA)的无人机，传感器和有源组件，安全扩展，耐用激活，两个耐用电池，一个Pitot Pro套件，两个Micro-SD卡配有适配器、AES256位加密、像素伪装和通过STANAG军用标准认证的IP67硬传输外壳它重量轻，坚固耐用，防尘防水。摄像机选项包括RGB、多光谱和热有效载荷；以及系统还可以进行升级，以包括其他功能和有效载荷。

	●	在……里面 2022年3月，AgEagle的EBee TAC™无人机系统是第一架被批准加入美国国务院的无人机作为Blue的一部分，国防部国防创新单位(DIU)的Blue UAS许可名单 SuaS 2.0。这个EBee TAC成功完成了与Blue Suas 2.0相关联的一系列演示，以提供提供无人机系统任务规划和发射能力、射程和耐力的信息和核查， NDAA合规性、飞行程序的操作安全和网络安全，以及脚本和临时飞行配置文件。根据其评估，发展局指定EBee TAC作为一款批准的轻量级中程无人机立即上市由国防部采购，无需豁免操作；也可供其他联邦政府机构采购。AgEagle‘s Blue Suas 2.0取得成功eBee作为常规和非常规部门的一项不可或缺的资产超过五年的时间。

	●	*EBee X--EBee X已经被公认为是彻底改变了无人机领域的固定翼无人机凭借其易用性和多个最先进的传感器，旨在适应广泛的测绘工作。体重只有1.6公斤(3.5磅)， EBee X是一款轻便、超便携的解决方案，易于单人操作。具有独特的耐力扩展在12200万(1,236英亩，400英尺)下实现最长90分钟的飞行时间和最高500公顷的单次飞行覆盖范围的选项， EBee X是一款高端无人机，为用户提供按需RTK/PPK的高精度，以实现绝对的落地精度至1.5厘米(0.6英寸)-没有地面控制点。此功能使EBee X*非常适合BVLOS操作，如作为公用事业公司的长廊测绘任务，农业中的大规模作物侦察以及希望一支强大而专业的无人机舰队。

		的 EBee X已证明它符合尽可能高的质量和地面风险安全标准，并且由于其重量轻设计，减少了地面撞击的影响。因此，EBee X已被授予BVLOS操作权限并已获准在加拿大经营OOP和BVLOS业务。

		在……上面 2022年6月21日，本公司宣布EBee X是同类无人机中第一架获得设计验证的关键针对欧盟航空安全局的BVLOS和OOP，使无人机运营能够寻求特定的运营风险评估 (“SORA”)授权在27个欧盟成员国以及冰岛、列支敦士登、挪威和瑞士。

		在……里面 2022年10月，EBee X固定翼无人驾驶飞机系统系列，包括EBee X, EBee地理位置和 EBee TAC，是市场上第一款也是唯一一款符合小型无人机运营类别3的无人机 2021年3月，美国联邦航空局在联邦登记处发布了系统优先于人的规则。取得第107部的豁免证明书对于SUAS用户来说，FAA是一个漫长、艰巨和昂贵的过程。现在，eBee已证明符合第3类规则，eBee无人机运营商不再需要联邦航空局对OOP或对移动车辆的操作豁免。这一重大里程碑经过数月的工作、历史可靠性审查和弗吉尼亚理工大学中大西洋分校进行的广泛测试，AgEagle实现了这一目标航空伙伴关系(“MAAP”)。成为美国第一个也是唯一一个获准用于OOP和移动车辆的无人机。预计将对AgEagle的增长和在未来几年内成为行业公认的领导者产生实质性影响来。

	●	*EBee 视觉-2022年12月，AgEagle宣布了其在商业和战术无人机技术方面的最新创新其新产品的揭幕仪式eBee Vision情报、监视和侦察(ISR)无人机. 排定对于2024年第一季度的全球商业发行，eBee Vision提供高分辨率、中等范围的视频它的32倍变焦和强大的热观测功能使图像成为可能。其传感器有效载荷能够检测到，在白天和夜间对目标进行跟踪和地理定位。提供长达90分钟的飞行时间和相同的易用性这为AgEagle赢得了EBee无人机行业的行业区别，eBee Vision可以部署和操作是一个人干的。由AgEagle在瑞士的研发团队设计、开发和制造的EBee 视觉*符合NDAA标准，重量不到3.5磅/1.6公斤，可以放在背包里携带。

		在……里面 2022年12月，eBee Vision样机成功地通过了欧洲武装部队的测试。据一架无人机的官员说参加测试的一支欧洲军事力量的实验部队，eBee Vision的规格填补了低耐力四轴飞行器和大型军用固定翼无人机之间的差距。体积小、重量轻、使用方便、自主性、范围广传感器能力使其成为一架有希望用于战术ISR任务的无人机。“

		AS 作为测试的结果，欧洲军事单位已经下令eBee Vision原型，已于2023年底交付。商业化生产eBee Vision计划于2024年初在全球范围内上市。其他内容与美国和北约国家其他军事力量的示威活动计划于#年第一季度举行。 2024年。

市场无人机的机会

无人机已从自由摄像师的玩具转变为企业的关键任务检查工具，例如建筑、能源和农业以及全球军事/国防应用。此外，无人机的用例数量随着无人机硬件变得更加先进、更安全、更可靠，无人机也在不断发展。先进的航空绘图、农作物监测、公共安全用途、灾难响应和消费者无人机交付都已成为可用的商业无人机行业成熟

根据根据DRONEII 2022年9月发布的无人机市场报告，全球无人机市场总体价值估计为306亿美元到2022年，预计到2030年复合年增长率（“CAGR”）将达到8.3%，达到55.8美元亿更看好其行业前景的是，Precedence Research在2022年7月报告称，它相信商用无人机市场仅该部门就有望从2022年的244亿美元增长到2030年的5040亿美元，预测期内复合年增长率为46.04% 2022年至2030年。

在……里面 2022年9月，美国众议院通过了《无人机基础设施检查拨款法案》。这项两党合作的法案在交通部(“DOT”)内建立计划，以支持在检查时使用无人机和其他SuA，维修、建设道路基础设施、电网基础设施、水利基础设施或者其他重要基础设施的。具体来说， DOT必须向州、部落和地方政府、大都市规划组织或购买或以其他方式使用无人机，以提高效率，降低成本，改善工人和社区安全，减少碳排放，或实现与关键基础设施项目相关的其他优先事项。赠款获得者必须在国内使用制造的无人机由不受某些外国实体影响或控制的公司制造，包括中国和俄罗斯。这项立法得到了美国商会、全国城市联盟、全国州议会、美国州骇维金属加工和交通官员协会、商用无人机联盟和无人驾驶车辆系统协会其中包括国际航空公司。这项法案目前正在等待美国参议院的批准。

在……上面在军事/国防前线，无人机技术正在为世界各地的作战人员提供许多战术优势，包括监视和测绘任务；传递有关敌方动向、地点和战略目标位置的关键实时信息；以及将有价值的物资和装备运送到偏远或遥远的地区，以及其他战术能力。在其2023年报告中商业研究公司在题为《全球军用无人机市场》的报告中指出，全球军用无人机市场无人机市场规模将从2022年的145.4美元亿增长到2023年的158.8美元亿，年复合增长率为9.2%。此外，到2027年，市场规模预计到2027年将攀升至20.64美元，复合年增长率为6.8%。TBRC的报告指出，增加政府对军用无人机的资助提高军事行动的效率正在提振对军用无人机的生产需求。该报告进一步引用了5月份的情况 2021年美国国防工业协会发表的一篇文章，该协会是美国政府的贸易协会和国防工业，该公司透露，在2021财年，国防部拨出75美元亿用于一系列机器人平台和相关技术。购买无人系统，海军和空军各获得约11美元的亿，陆军获得88500美元的万；海军陆战队获得7,000美元万；美国特种作战司令部(“SOCOM”)获得9,000美元万。

传感器解决方案

设置高分辨率航空成像解决方案、我们专有的热和多光谱传感器的全新卓越标准被广泛认为是全球农业、植物研究、土地管理和高级应用的首选相机林业管理。

	●	ALTUM-PT – 先进的遥感和农业研究的优化三合一解决方案。它无缝地集成了一台超高分辨率全色成像仪，一台内置320X256辐射热成像仪和五个离散的光谱波段同步输出，如RGB颜色、作物活力、热图和高分辨率全色，只需一次飞行。提供两次优惠先验数据的空间分辨率高压舱™传感器，阿尔图姆-铂，2022年初推出的传感器使拥有更深入的分析能力和更广泛、更多样化的应用程序的用户；使他们能够识别工厂级别的问题，甚至在早期生长阶段；进行早期林分计数以及长达一季的土壤监测，以及其他关键的用途。ALTUM-PT还具有用于无失真效果的全局快门、开放API和新的存储设备，允许每秒捕获两次。

	●	*RedEdge-P* -提供三倍的捕获速度和两倍的空间分辨率RedEdge-MX，全新的RedEdge-P，于2022年初推出，该传感器建立在坚固、高质量、多光谱传感器的基础上，该行业已经得到了信任，并增加了更高分辨率的全色波段的能力，将输出数据分辨率提高了一倍。一台摄像机与从大型固定翼到小型多旋翼的各种无人机兼容的解决方案，RedEdge-P 捕获经过校准的高分辨率多光谱和RGB图像，具有优化的视场和捕获速率，以实现高效航班。该解决方案将高分辨率全彩色成像仪与同步多光谱成像仪无缝集成，以实现以以前无法达到的分辨率进行像素对齐输出，同时保持其RedEdge^™遗产数据输出的处理通过行业标准软件平台（包括AgEagle的地面控制飞行管理软件。与 RedEdge-P农业专业人员受益于可以有效实现的传感器植物计数和小植物的光谱分析。同样，联邦、州和地方政府以及商业林业企业还将受益于精确、高效的数据收集和树级分析，而不是仅限于分析大型数据大片土地来做出关键的林业管理决策。

		AgEagle 还提供广泛的无人机摄像机，以适应从土地测量和地形测绘到城市规划的每一项绘图工作，作物绘图、热力绘图等。

	●	*Aeria X-*紧凑型无人机摄影测量传感器，可提供尺寸、重量和类似DSLR的图像质量的理想组合。它在几乎所有的光线条件下都能产生令人惊叹的图像细节和清晰度，使用户每天可以更长时间地绘制地图。

	●	*二重唱 M*-高分辨率RGB和多光谱测绘相机平台，用于创建地理精确的多光谱地图和高分辨率快速、轻松地解析数字曲面模型。该传感器是水管理的理想之选，例如测绘田间排水沟和这些技术包括：确定压实区域；发现出现故障的灌溉线路；以及评估整个田地植物活力的一致性。

	●	*二重唱 T-坚固耐用的双RGB/热成像相机平台，用于创建地理精确的热地图和数字表面模型又快又容易。这个二重唱T包括高分辨率热红外(640 x 512像素)摄像头和S.O.D.A.*RGB 摄影机。

	●	*S.O.D.A*。 -第一台专业用途的摄影测量相机，迅速成为无人机操作员的行业标准自2016年推出以来，已在全球范围内推出。它捕捉清晰的航拍图像，跨越光线条件，用来产生详细的，生动的正畸和超精确的3D数字表面模型。

	●	*S.O.D.A. 3D-专业无人机摄影测量相机，在飞行过程中改变方向以捕获三张图像(两张倾斜和一个最低点)，而不是只有一个，提供了更广阔的视野。它针对快速、稳健的图像处理进行了优化使用Pix4DMapper。专为与EBee X* 飞机 SODA 3D 可以实现广阔的覆盖平坦、均匀地形的区域（每次12200万 /400英尺飞行高达500 ac /1，235 ac）。独特的能力 SODA 3D 以两个方向捕获图像，由此产生的更宽视野转化为令人惊叹的数字3D重建，垂直为中心的环境。例如城市地区或露天矿山--任何有围墙或陡峭侧面的地方。这个数据系统记录意味着需要更少的图像重叠，从而实现更高效的航班和更大的航班覆盖范围，更不用说了更快的图像处理结果。

市场传感器解决方案的机会

传感器因为无人机越来越多地用于测量、绘图和检查，特别是在采矿、建筑、能源、环境管理、农业、基础设施和废物管理行业。此外，随着传感器的每一项新创新商用UAS的技术、功能和基础价值主张不断改进并实现均衡更广泛的可能应用。

由于在很大程度上，由于地图服务、激光雷达和GPS对无人机传感器的需求不断增加，无人机传感器市场的前景是根据Market Research Future发布的2022年1月研究报告，预计到2030年将增长至666亿美元。验证市场研究公司（“VMR”）也于2022年1月发布了行业研究报告，指出全球无人机传感器到2028年，市场规模将从2020年的108.8亿美元攀升至606.7亿美元，2021年至2028年的复合年增长率为23.97%。关键市场 VMR报告中的司机列举了不同垂直行业采用无人机的情况，包括农业、景观和军事和国防，以及收集高质量和实时数据洞察的需求增加。

我们品牌软件解决方案

地面控制

一基于云的即插即用操作系统， 地面控制 为个人飞行员和大型企业提供一切需要完全自动化和扩展其无人机操作工作流程。作为软件即服务提供， 地面控制 继续通过提供单一平台来自动化航班管理，赢得其蓝筹、行业多元化客户的信任和忠诚系统安全可靠;轻松管理任何范围和规模的无人机程序;处理、分析和共享无人机捕获的图像评估风险、改进工作流程以及在企业内实现时间和成本效率所需的数据和可视化几乎任何大小的。旨在让AgEagle的客户能够通过以下方式轻松扩展他们的影响力和人力能力采用可扩展的自主无人机计划， 地面控制 用户可以：

●

计划通过Keyhole Markup Language(“KML”)文件执行任务或建立网格或航点飞行；检查低空空域授权和通知能力(“LAANC”)授权和确认当地天气条件是有利的。

	●	飞通过GPS辅助的手动控制或自动网格和航路点模式，并将基于网络的飞行计划推送到移动设备上进行地面现场控制-所有这些都具有简单、易于使用的飞行界面。

	●	捕获原始数据和带有多光谱摄像机的现场直播图像，如AgEagle的RedEdge-P 和 Altum-PT，和自动转换为有组织的地图索引和合成图;或驾驶支持RTk的无人机以改进飞行后处理。

	●	制程将捕获的图像转换为高质量的数据产品和摄影测量，并创建正畸、数字表面模型和等高线地图；或上传地面控制点(“GCP”)与用户的地图，以提高准确性。

	●	分析无人机数据或查看整形外科和其他2D数据文件在交互式、客户范围的地图上。

	●	通力合作并为行动提供有关任务的详细信息，包括带有屏幕截图、回放和事件的飞行日志标记；并通过自动使用情况跟踪功能高效地管理设备和工作流程。

	●	效益从…地面控制痴迷于提供行业领先、以客户为中心的支持和服务。

地面控制 已与其他几种行业领先的UAS技术集成，包括AgEagle自己的专有产品线传感器和机身。此外， 地面控制中心的 行业合作伙伴关系包括与：

	●	DJI 无人机平台，可与地面控制的飞行应用程序，并允许用户同步飞行的航班的 DJI Go 应用程序和使用 DJI Geo;

	●	鹦鹉的阿纳菲，阿纳菲美国和阿纳菲热力无人机平台，结合了ANA的快速部署和易于操作使用地面控制中心的标准飞行工具，并使用户能够通过选择额外的程序管理和数据处理能力;

	●	Pix4d 软件，可以轻松创建高质量的骨科、数字表面模型和控制地图地面控制平台;和

	●	翼的开放天空空域访问应用程序，使无人机飞行者能够遵守空域规则和法规并请求授权在受控制的空域内几乎实时飞行开放天空服务器租用-美国服务租用

情感

AgEagle 还提供情感，这是一种专门为航空地图使用而创建的无人机飞行和数据管理解决方案。使用情感, 航班是使用直观的任务块和飞行模式构建的。用户只需选择一个区块（航拍、走廊等），突出显示他们想要绘制的区域、定义关键设置，以及情感自动生成无人机的飞行计划。多航班支持任务，该软件的完整3D环境为无人机飞行管理添加了新的维度，帮助用户规划、模拟和控制无人机的轨迹，以实现更安全的飞行、更一致的性能和更高的数据质量。此外，情感内置的飞行数据管理器自动处理后处理所需的地理配准和图像准备在软件中 Pix4Dmapper.无线连接到用户的无人机、工业云解决方案、测量级基地站点以及空域和实时天气数据，情感是任何人都可以使用的先进、可扩展的无人机软件。

大麻概览

作为 AgEagle是农业行业先进的基于航空图像的数据收集和分析解决方案的领先先驱之一利用我们的专业知识支持使用经过验证的先进的基于网络和地图的技术作为简化和最终的手段规范美国的大麻种植。种植者需要登记/许可;作物需要监测和检查; 必须建立执法行动以确保遵守州和联邦的规定。通过 大麻概览，我们相信AgEagle代表了第一家将先进的农业科技解决方案推向市场的农业科技公司，该解决方案是满足新兴美国大麻行业独特的复杂性和严格的监督、合规和执法需求，其主要利益相关者的独特需求和要求。

大麻概览 包括四个模块：

	1)	注册: 安全、可扩展的软件，可处理所有农民和加工商应用程序和许可事宜。

	2)	最好管理做法：利用卫星图像和先进的专有迭代、智能的数据收集和分析算法帮助农民降低投入成本、避免失误、检测害虫影响并监控用水量。

	3)	监督和执行：集成数据管理和卫星图像，对所有大麻田进行持续监测国家预测和应对问题并协助进行适当的作物测试。

	4)	报道: 针对美国农业部的要求、立法监督和研究机构支持生成可操作的报告。

在……里面 2019年11月，佛罗里达州农业和消费者服务部(FDAC)向大麻概览需要管理的解决方案其在佛罗里达州的大麻种植者及其农场和大麻田的在线申请提交和注册程序 2020年、2021年和2022年。2021年6月，佛罗里达州扩大了对大麻概览要提供的平台以访问所有四个模块。FDAC还委托AgEagle开发一个定制注册软件平台，以加强沟通，与监督和保护500多种濒危和商业开发的野生动物有关的许可证和一般遵守情况原产于佛罗里达州的植物。例如，为了遏制锯棕榈的开发，锯棕榈是一种植物，其提取物用于草药补充剂 FDAC通常以其对尿路和前列腺健康的益处而销售，需要锯棕榈浆果的收割者和卖家才能获得土生土长的植物收获许可证。根据FDAC的一份相关通知，“这些浆果的广泛采集正在耗尽一种野生动物并威胁到一些生态系统的稳定。

在 2021年1月，爱荷华州农业和土地管理部还向 大麻概览 管理国家的平台 2021年、2022年和2023年种植的在线登记、支付处理、全面数据收集和合规监督季

市场无人机软件解决方案的机会

快速无人机系统用于商业和政府/军事目的继续推动全球无人机软件市场的增长，预计对绘图和监控、农业4.0和精准农业等领域的应用需求特别强劲，学术研究、基础设施检查和维护、搜救以及航运和交付。在2022年7月发布的报告中联合市场研究公司的市场分析师报告称，全球无人机软件市场价值为59.6亿美元 2021年，目前预计到2031年将达到219.3亿美元，2022年至2031年复合年增长率为14.5%。

市场美国工业大麻和大麻衍生CBD的机遇

根据根据行业研究公司Markets and Markets 2022年11月的报告，全球工业大麻市场估计将估值 2033年将达到680亿美元，预计到2027年将达到1810亿美元，复合年增长率为21.6%。继工业合法化之后美国的大麻产量，该国的工业大麻行业发展迅速，因为它是最大的消费国之一大麻衍生产品，包括油籽和大麻二酚（“CBD”）。CBD是一种无毒大麻素，已成为作为食品补充剂以及药品和化妆品的成分更受欢迎。大麻籽制成的大麻生物塑料 CBD石油也推动了该行业的增长。消费者以及企业和政府对可持续商品的需求不断增长举措和支持预计将推动大麻生物燃料和生物塑料的增长。

AgEagle的制造业务

为多年来，联邦机构一直在使用无人机进行广泛的用例，从地图绘制到监视、搜救以及科学 research.然而，近年来，联邦机构对无人机的使用和采购能力发生了变化，这主要是出于安全考虑中国制造商对无人机的担忧。例如，2020年，美国内政部停飞了整个车队无人机担心“其中的中国部件可能被用于间谍活动，仅在战斗等紧急任务中例外野火和搜救行动”，作为 《纽约时报》 报告于2020年1月29日。

前唐纳德·特朗普总统在卸任前发布行政命令，称美国政府将寻求防止 “使用纳税人的钱采购存在不可接受的风险且由软件或来自外国对手的关键电子元件，并鼓励使用国产无人机。”结果，总务管理局致力于确保只有经过国防部国防创新部门批准的无人机根据多重奖励计划合同允许。

AgEagle 认为这些禁止中国制造的无人机及其零部件的措施已经并将继续推动对“制造”的需求在美国的无人机和零部件，为美国创造了一个重要的机会无人机制造商，例如AgEagle。因此， AgEagle的目的是建立最佳行业实践并定义制造、组装、设计/工程的质量标准以及在该公司美国设施中测试无人机、无人机子部件和相关无人机设备。该公司还建立了在瑞士洛桑工厂进行制造业务，组装其生产线 eBee- 品牌固定翼无人机为AgEagle的国际客户群提供服务。

AgEagle‘s 对有眼光的客户的承诺推动了该公司在无人机机身、传感器等领域建立公认的卓越中心的努力和软件，这反过来又导致该公司的无人机生产业务获得正式的ISO：9001认证为其质量管理体系(“QMS”)在2022年。符合各种各样的严格标准，AgEagle已经证明它在固定翼无人机业务的各个方面提供始终如一的高质量产品和服务，包括设计、制造、市场营销、销售和售后服务。作为一项国际认证，ISO：9001认可组织的卓越和良好的质量实践以强烈的客户关注、稳健的流程方法和持续改进的证据为基础。该认证是通过以下方式获得的在公司敬业的内部质量管理团队的领导下，对AgEagle的无人机业务进行广泛的审计。这个质量管理体系是在两年的时间里制定的，概述了帮助实现公司高绩效目标。

关键增长战略

我们打算通过利用我们专有的、一流的全栈无人机解决方案、行业影响力和拥有机器人、自动化、定制制造和数据科学领域专业知识的深厚人才库，以实现更大的渗透率全球无人机行业的-近期重点是占领农业、能源/公用事业、基础设施的更大市场份额和政府/军事垂直领域。我们希望首先在日常运营中将三个核心价值观付诸实践来实现这一目标并使它们与我们的努力保持一致，以赢得客户和行业合作伙伴的信任和持续业务：

	●	好奇感 -这促使我们在别人看不到的地方找到价值。它激励我们为我们的客户环顾四周，了解他们当前或未来面临的问题，并为他们提供最适合他们的解决方案独特的需求。

	●	激情 --这激发了我们对卓越的执着，激发了我们试难而上、攻坚克难的愿望，激发了我们的担当来满足我们客户的需求--然后超越他们。

	●	诚信 -这在AgEagle不是可选的或随情况而定-这是我们所做一切的基础，即使没有人看着。

	●	钥匙我们增长战略的组成部分包括：

	●	建立三个卓越的中心，在UAS软件、传感器和机身方面拥有各自的专业知识。这些卓越的中心交叉授粉想法、行业见解和技能集，以产生充分利用AgEagle经验丰富的智能自主解决方案团队在机器人、自动化、定制制造和数据科学方面的专业知识和诀窍。

	●	交付新的创新解决方案。AgEagle的研发工作是公司的重要组成部分，我们打算继续投资于我们自己的创新，开拓新的和增强的产品和解决方案，使我们能够满足我们的客户--响应和预期他们的需求。AgEagle相信，通过投资于研究和发展，该公司可以成为提供创新的自主机器人系统和解决方案的领导者，以满足市场需求超越我们目前的目标市场，使我们能够创造新的增长机会。

	●	福斯特我们的创业文化，并继续吸引、培养和留住高技能人才。AgEagle的公司文化鼓励创新和创业精神，这有助于吸引和留住高技能专业人员。我们打算保存这种文化培育了设计和开发创新的、高科技的系统解决方案，使我们具有竞争力优势。

	●	有效地管理我们的成长型投资组合，以创造长期价值。我们的生产和开发计划提供了大量的投资我们相信，这些机会将通过为我们的客户提供有价值的新功能来实现长期增长。我们评估每个机会独立，以及在其他投资机会的范围内，以确定其相对成本，产生回报的时机和潜力，以及由此产生的优先事项。这一过程有助于我们做出明智的决策潜在的增长资本要求，并支持我们根据相对风险和回报进行资源配置，以实现长期最大限度的创造价值，这是我们增长战略的关键目标。我们还定期审查我们的投资组合，以确定是否以及何时缩小我们对最高潜在增长机会的关注范围。

	●	生长通过收购。通过成功执行我们的收购增长战略，我们打算在技术上收购先进的无人机公司和知识产权，补充和加强我们对市场的价值主张。我们相信通过投资于互补性收购，我们可以加快收入增长，并提供更广泛的创新自主飞行系统和解决方案，以满足我们当前目标市场和新兴市场的专业市场需求可以从支持人工智能的机器人以及数据捕获和分析方面的创新中受益。

竞争优势

AgEagle 相信以下属性和能力为我们提供长期竞争优势：

	●	专有权技术、内部能力和行业经验-我们相信我们在商业无人机设计方面的十年经验和工程；内部制造、组装和测试能力；以及先进的技术开发技能让AgEagle在市场上脱颖而出。事实上，我们公司全球大约70%的员工都是工程师以及在机器人、自动化、定制制造和数据分析方面拥有丰富经验和专业知识的数据科学家。此外, AgEagle致力于达到并超过制造、组装、设计和工程的质量和安全标准在我们美国和瑞士的制造业务中测试无人机、无人机部件和相关无人机设备。结果, 我们的质量管理体系已通过ISO：9001国际认证。

	●	AgEagle 不仅仅是以客户和产品为中心，我们还痴迷于创新和了解我们的客户在他们之前的需求-我们专注于利用我们的在先进的无人机、传感器和软件的创新和商业化方面的专业知识为我们现有和未来的客户提供自主机器人解决方案的技术符合可能的最高安全和运营标准，并适合其特定业务需要。我们已经建立了三个卓越中心，我们的领导层对此提出了挑战交叉授粉想法、行业洞察力和跨学科技能，以产生智能自主解决方案，可有效利用我们在机器人、自动化和制造为我们的客户解决问题，不分行业他们可能会操作这些设备。在……里面 2022年12月，我们推出了新的EBee™愿景，这是一款小型固定翼无人机，旨在提供实时、增强的态势对关键情报、监视和侦察任务的认识；并在2023年4月获得了一份联邦合同来自美国国防部国防创新部门(DIU)的生产和交付EBee™愿景固定翼无人机和定制的指挥和控制软件，证明是兼容的，并完全符合国防部机器人和自主系统-空中互操作性配置文件(“RAS-A IOP”)。此外，欧洲军事力量的三个分支机构已经收到了eBee Vision2023年的无人机。在实现商业化生产的预期中eBee VisionS 今年晚些时候，我们有团队主持现场演示eBee Vision政府和军队官员的原型在奥地利、波罗的海国家、法国、德国、意大利、波兰、西班牙、中东和美国各地的代理机构。在……里面 2023年5月，我们发布了新的RedEdge-P™Dual高分辨率和RGB复合无人机传感器，代表着又一种 AgEagle航空成像相机的技术进步，无缝集成了RedEdge-P 和新的RedEdge-P蓝单一解决方案中的摄像头。这个RedEdge-P Dual将分析能力提高一倍单一相机工作流程的优势。它的沿海蓝色乐队--市场上第一支此类乐队--特别是设计用于水体的植被分析；环境监测；水管理；生境监测、保护和恢复；以及植被物种和杂草的识别，包括区分和计算植物、树木、入侵物种还有杂草。在……里面 2023年4月，AgEagle发布现场检查为测量地面控制移动应用程序。测量地面控制是完整的软件即服务解决方案，用于无人机项目管理，可作为网络应用程序和移动应用程序用于iOS 和安卓设备。该软件的功能包括任务和设备管理、飞行控制、数据处理以及分析、安全的数据存储和共享、在线协作和报告。现场检查独特的功能集使用户能够在现场审查和验证其无人机捕获的图像的质量。第一时间捕获目标图像一次访问项目站点的时间允许用户通过确保数据来消除与项目返工相关的时间损失和成本在离开现场之前，捕获已完成并准备好处理成高分辨率输出。反映我们的软件开发团队卓越的解决问题的能力，现场检查为我们的客户提供无人机的竞争优势通过避免因数据处理错误或图像质量不佳而导致的项目重复和停机，为运营和跨行业提供服务质量。

	●	AgEagle 被美国联邦政府总务署授予多项奖励计划(MAS)合同 2023年4月，联邦政府的中央采购部门，GSA，授予我们一个五年的MAS合同。GSA时间表合同在政府承包领域是一个令人垂涎的奖项，是严格的提案过程，包括政府机构对产品和服务需求的演示，以及谈判他们的价格、资格、条款和条件。通过GSA合同销售的承包商经过仔细审查，必须在该行业有良好的业绩记录。我们相信，这将有助于推动我们实现更深层次渗透的努力。在接下来的五年里，政府部门的改革。

	●	我们提供经过市场测试的无人机、传感器和软件解决方案，赢得了全球客户的长期信任和忠诚 -通过在2022年成功执行我们的收购整合战略，AgEagle现在正在交付一条统一的生产线业界可信赖的无人机、传感器和软件经过多个行业的严格测试和一致验证垂直市场和用例。例如，我们的产品线eBee固定翼无人机已经在美国上空飞行了100多万次过去十年为客户提供服务的范围涵盖测绘、工程和建筑、军事/国防、采矿、采石场和总量；农业人道主义援助和环境监测，仅举几例。在100多份研究出版物上发表了专题文章在全球范围内，由AgEagle开发并商业化的先进传感器创新已为高高性能、高分辨率、热成像和多光谱成像，用于商业无人机在农业、植物研究、土地管理和林业。此外，我们还支持自主开发端到端软件解决方案为众多财富500强公司、政府机构和各种机构提供可操作的上下文数据和分析农业、能源和公用事业、建筑和其他工业部门的企业。

	●	*我们的 EBee TAC无人机已获得国防创新部门(DIU)的批准，可供国防部采购--我们相信世界上EBee TAC非常适合成为美国军方、政府需求旺盛的关键任务工具和我们在世界各地的民事机构和盟友；并预计这将被证明是我们公司在2022年的主要增长催化剂，对我们未来几年的财务表现产生积极影响。EBee TAC可供美国政府机构购买以及GSA时间表合同#47QTCA18D003G上的所有军事部门，由Hexagon US Federal和合作伙伴Tough Stump提供作为独立解决方案或作为航空侦察战术边缘测绘图像系统(“Artemis”)一部分的技术。 Tough Stump积极致力于训练驻扎在美国和中欧的军事地面部队使用EBee TAC*用于中程战术测绘和侦察任务。

	●	*我们的 EBee X固定翼无人机系列，包括EBee X* 和 EBee TAC，是第一架也是唯一一架无人机在市场上遵守联邦航空局发布的关于人的规则的SUA第3类规定*。这是另一个重要的遗嘱我们致力于为商业客户提供一流的解决方案，我们相信这将成为的增长eBee*在美国的使用率。我们进一步相信，它将改善可能的业务应用程序由我们的无人机平台为各种商业企业提供，这些企业将从在其业务中采用无人机而受益 -特别是在风暴损失评估保险、电信网络覆盖等行业用于电力线和管道检查的测绘和能源，仅举几例。

	●	*我们的 EBee X该系列无人机是世界上第一款获得BVLOS和OOP设计验证的同类无人机欧洲联盟航空安全局(“EASA”)。EASA设计验证报告(DVR)演示那就是EBee X*符合最高的质量和地面风险安全标准，并由于其轻便的设计，减少了地面撞击的影响。因此，在27个欧洲成员国开展先进无人机行动的无人机操作员，冰岛、列支敦士登、挪威和瑞士可以获得M2缓解的高或中等稳健性级别，而不需要额外的来自EASA的验证。与BVLOS和OOP限制相关的监管限制仍然是普遍存在的一个制约因素商用无人机技术在全球范围内的多个行业中的应用。成为第一家获得此殊荣的公司 EASA用于M2缓解的DVR是AgEagle和我们的行业在欧盟的一个里程碑，将是推动增长的关键我们的国际客户群。

●

我们全球无人机网络目前在75多个国家拥有200多家无人机解决方案提供商 - 通过利用我们的关系 AgEagle凭借构成我们全球收件箱网络的专业零售商，受益于增强的品牌建设、低客户收购成本以及扩大的影响力、收入以及地理和垂直市场渗透率。随着我们的2021年的整合收购于2021年完成（“2021年收购”），我们现在可以利用我们的集体收件箱网络加速通过教育和鼓励我们的合作伙伴营销AgEagle的全套机身、传感器和软件来实现我们的收入增长作为捆绑解决方案，而不是仅向最终用户营销之前孤立的产品或产品线。

政府调控

UAV 调控

AgEagle 由于我们向客户销售的产品的性质，因此受到特定行业法规的约束。例如，某些方面我们在美国的业务受到美国联邦航空管理局（“FAA”）的监管，该管理局负责监管美国国家空域系统中的所有飞行器。

在 2016年8月，美国联邦航空局关于美国国家空域系统中某些小型无人机常规使用的最终规则生效，为进行非娱乐性操作的小型UAS（55磅以下）提供安全规则。这些规则限制航班在视线范围内白天运行，除非UAS有防碰撞灯，在这种情况下允许暮光运行。最终规则还涉及高度和速度限制、操作员认证、可选使用视觉观察员、飞机登记和标记以及操作限制，包括禁止飞越未直接参与运营的地面无保护人员上空无人机。当前的美国联邦航空局法规要求无人机操作员向美国联邦航空局注册其系统并为其无人机获得操作许可证。这些法规不断发展，以适应将无人机集成到国家空域系统中以实现商业应用。

在 2021年4月，美国联邦航空局关于无人机远程识别的最终规则生效。当天，手术最终规则小型无人机对人的控制也开始生效。该规则允许小型无人驾驶飞机在人员、移动车辆上进行日常操作在一定条件下在夜间进行，前提是操作符合四个操作类别之一的要求。

对 2022年10月27日，AgEagle宣布公司 EBee X 一系列固定翼无人机是第一架也是唯一一架无人机当时的市场遵守《小型无人航空系统对人的操作》规则的第3类（定义如下）由美国联邦航空局发布。现在 eBee 已证明符合规则的第3类（定义如下）， eBee 无人机运营商不再需要FAA对OOP或移动车辆运营的豁免。第3类符合条件的sUAS不得对以下人员造成伤害相当于或大于25英尺磅动能转移造成伤害严重程度的人类来自刚性物体的撞击，不包含任何暴露的旋转部件，这些旋转部件在与人类撞击时可能会撕裂人类皮肤，并且不包含任何安全缺陷。3类飞机还需要FAA接受的合规手段和FAA接受的声明遵守。

我们非美国业务须遵守外国司法管辖区的法律和法规，其中可能包括更严格的法规比美国政府对我们的美国业务施加的压力还要大。

国内大麻生产和普遍监管变化

与 2018年12月通过了2018年农业法案，工业大麻现已被公认为一种农业商品，例如玉米、小麦、或大豆。

更具体来说，2018年农业法案授权州农业部门，包括代表哥伦比亚特区的机构，波多黎各联邦和美国任何其他领土或属地以及印第安部落政府提交计划向美国农业部申请对其各自州或部落领土内的大麻生产的主要监管权。有关州和部落国家计划提交的更多信息，请访问 Https://www.ams.usda.gov/rules-regulations/hemp/state-and-tribal-plan-review.

作为截至2023年12月31日，所有50个州、3个美国领土和63个部落国家的大麻生产计划均已获得美国农业部的批准。

风险与环境、社会和治理事务（“ESG”）相关，特别是气候变化和其他环境问题影响，可能会对我们的业务和运营产生负面影响。

环境，社会和治理问题严重影响我们的业务和运营，并带来不断变化的风险和挑战。环境影响，特别是气候变化，给我们全球业务带来短期和长期财务风险。气候相关变化可能会增加重大天气事件和自然灾害的频率和严重程度。在我们维持保险范围的同时为了承保因设施和财产损坏或破坏以及我们业务中断而造成的某些损失风险，此类保险可能不涵盖特定损失，并且我们的保险金额可能不足以涵盖我们的所有损失。结果我们的未来的经营业绩可能会受到重大不利影响，包括如果我们的损失没有充分或及时弥补我们的保险。

增加包括我们的客户、股东和其他利益相关者对ESG事务的关注可能会导致我们花费更多资源解决这些问题。应对气候变化和解决ESG问题的立法和监管努力可能成本高昂且负担繁重供我们遵守，并可能继续影响我们、我们的客户和供应商。

环境

AgEagle 受与环境保护有关的各种联邦、州、地方和非美国法律法规的约束，包括排放、危险物质和废物的处理、储存、处置和补救。我们也可能受到未来法律法规的影响与气候变化有关的法律，包括与温室气体排放和监管能源效率有关的法律。这些法律法规可能导致环境合规支出增加、能源和原材料成本增加以及新的和/或额外的投资在设计和技术方面。我们不断评估我们的合规状况和环境问题的管理，以确保我们的运营遵守所有适用的环境法律和法规。调查、补救以及运营和维护费用与环境合规和场地管理相关的是我们运营中正常的、反复出现的部分。这些成本通常是根据我们与美国政府的合同，允许的成本。虽然环境保护法规并没有对对我们整体运营的影响从历史上看，为确保持续的环境合规而产生的成本是合理的如果需要额外的工作，未来可能会对我们的运营结果、财务状况或现金流产生实质性影响或者监管机构实施了更严格的清理标准，或者发现了新的土壤、空气和地下水污染区域和/或工作范围的扩大是由调查结果推动的。

供应商

在……里面 2023年，我们与提供许多必要部件和服务的公司建立了牢固的关系建造我们先进的固定翼无人机和传感器。随着我们公司的发展，我们希望寻求更多的供应商关系我们可以从中获得更低成本和更好的供应，以保持领先于市场的需求。此外，我们还打造了与美国和与美国结盟国家的主要供应商建立了牢固的关系，基于他们满足我们需求的能力和交货时间表。我们将继续扩大我们供应商的专业知识，以改进我们现有的产品并开发新的产品解决办法。在2023年，我们经历了一些供应延迟，原因是由于高利率和紧缩政策导致我们无法筹集资金借款要求继续抑制借款能力，从而阻碍我们履行当前和延交订单的能力把应收账款转换成现金。2024年，我们可能会继续经历潜在的供应链中断出于同样的原因。

操作分部收入

的下表反映了我们在下文所示年度按经营分部划分的收入：

	为截至12月31日的一年，
类型	2023		2022
无人机	$	6,197,049	$	9,840,321
感应器		7,100,419		8,655,434
Software-as-a-Service （SaaS）		443,930		598,670
总	$	13,741,398	$	19,094,425

研究和发展

研究和开发活动是我们业务的核心组成部分，我们遵循严格的方法来投资我们的资源来创造新的无人机技术和解决方案。这种方法的一个基本部分是一个定义明确的筛选过程，可以帮助我们识别支持我们所服务的市场中当前所需技术能力的商业机会。我们的研究包括扩展我们的固定翼产品，为开发无人机、传感器和持续软件平台开发成本提供资金，作为以及我们现有和潜在客户必须面对的问题的其他技术解决方案。我们无法预测何时，如果有的话，我们将成功地将这些项目商业化，或者它们可能需要的资本支出的确切水平，这可能要充实。

组织历史

在……上面 2018年3月26日，我们的前身公司，内华达州的EnerJex Resources，Inc.(以下简称EnerJex)完成了交易 2017年10月19日的合并协议和计划(“合并协议”)预期，根据该协议，AgEagle 合并子公司是内华达州的一家公司，也是EnerJex的全资子公司，它与AgEagle AIR Systems Inc. 根据内华达州法律成立的私人公司(“AgEagle Sub”)，AgEagle Sub以全资拥有的身份生存 EnerJex的子公司(“合并”)。与合并相关的是，EnerJex更名为AgEagle AIR Systems Inc. (“公司”、“我们”、“我们的”或“我们”)和AgEagle Sub最初更名为“Eagle” Airline，Inc.然后是“AGEAGLE AIRATE，Inc.”在这次合并之前，EnerJex的所有业务都是通过EnerJex堪萨斯公司、德克萨斯州有限责任公司黑貂能源有限责任公司和黑乌鸦能源公司，内华达州公司(“黑乌鸦”)。其租赁权益由其全资子公司Black持有黑貂、Working Interest、LLC、EnerJex堪萨斯和黑鸦。截至2021年12月31日，本公司继续为全资子公司， AgEagle Air，Inc.和EnerJex Kansas，Inc.

对 2021年1月27日（“MicaSense收购日期”），我们签订了股票购买协议（“MicaSense收购” 协议”）与Parrot Drones SA和贾斯汀·b。McAllister（“MicaSense卖家”）据此，公司收购MicaSense，Inc. 100%已发行和发行股本来自MicaSense卖家（“MicaSense收购”）。扣除任何债务后，MicaSense股票的总购买价格为2300万美元，并须进行惯常的营运资金调整。由于MicaSense收购，MicaSense成为公司的全资子公司。

对 2021年4月19日（“措施收购日”），公司签订了股票购买协议（“措施与Brandon Torres Declet（“Torres Declet先生”）以卖方代表的身份签订的购买协议”，以及公司收购100%的措施购买协议中指定的卖家（“措施卖家”）已发行和发行股本的份额。（“测量”）来自测量卖家（“测量”）收购”）。Power股票的总购买价格为4500万美元，减去Power的债务金额，交易费用，并须进行惯常的营运资金调整。措施成为公司全资子公司由于测量收购。

对 2021年10月18日（“senseFly SA收购日期”），公司与Parrot签订了股票购买协议无人机SAS据此，公司收购了senseFly S.A. 100%已发行和发行股本来自鹦鹉无人机 S.A.S. (the“senseFly SA购买协议”）senseFly SA股份的总购买价格是21，000，000美元，减去senseFly SA的数量'的债务，并接受习惯的营运资本调整。senseFly SA成为全资拥有因此成为该公司的子公司。

对 2021年10月18日（“senseFly Inc.收购日期）、AgEagle Aerial与公司签订了股票购买协议 (the“senseFly Inc.与Parrot Inc.的购买协议”）据此，AgEagle Aerial同意收购100%的股份 senseFly Inc.的已发行和流通股本来自Parrot Inc. senseFly Inc.股票的总购买价格是 200万美元，减去senseFly Inc.的金额的债务，并接受习惯的营运资本调整。senseFly Inc.成为因此成为本公司的全资子公司。

我们总部

我们主要行政办公室位于8201 E。34^这是 Street North，Suite 1307，Wichita，Kansas 67226和我们的电话号码是620-325-6363。我们的网站地址是www.ageagle.com。我们网站上包含或可以通过我们网站访问的信息不是本年度报告的一部分。我们在本年度报告中包含我们的网站地址仅作为非活动文本参考。

人类资本资源

AS 截至2024年3月31日，我们聘用了专职员工和2名兼职员工。我们承认我们的员工是公司的最有价值的资产和我们成功背后的驱动力。因此，我们立志成为一家以培养人才而闻名的雇主。积极和欢迎的工作环境，促进增长，提供安全的工作场所，支持多样性和包容包容性。为了支持这些目标，我们的人力资源计划旨在培养人才，使他们为关键角色做好准备和未来的领导职位；通过有竞争力的薪酬、福利和额外计划奖励和支持员工；增强通过努力使工作场所更具吸引力和包容性；获取人才和促进内部人才流动，创造一支高绩效、多样化的员工队伍；让员工成为公司的品牌大使产品；发展和投资技术、工具和资源，使员工能够在工作中工作。

多样性、公平性和包容性

我们致力于培育、培育和维护多样性、公平和包容性（DE & I）的文化。我们认识到，多元化、广泛的人才库提供了获得独特观点、经验、想法和解决方案以推动我们的业务的最佳机会性新我们相信，解决复杂问题的多元化团队会带来最佳的业务成果。我们通过开发来促进多样性促进尊重差异并公平对待所有员工的工作环境的政策、计划和程序。

人才管理

我们认识到吸引和留住最优秀员工的重要性。我们的持续成功不仅取决于寻求尽可能最好的候选人，而且还要保留和发展组织内的人才。我们努力吸引、发展、并留住各行各业和背景中最优秀、最聪明的人才。我们的目标是为员工提供改进的机会他们实现职业目标的技能。

员工健康与安全

我们根据疫情协议，迅速采取行动保护员工的健康和安全。2020年3月，所有员工可以远程工作开始在家工作。员工继续可以灵活地远程工作或与大多数人混合工作我们的员工。员工的健康和安全一直是并将继续是我们的首要任务。

没有 OSHA在美国可记录或误工伤害，而我们其他全球地点的伤害为零。

知识分子属性

作为在下表中反映，我们目前已为专有无人机注册商标、多项专利或正在申请的专利，在美国和海外某些司法管辖区提交的传感器和软件技术。截至2023年12月31日，我们的商标产品组合包括63项在不同国家注册和/或正在申请的专利，以及处于专利授予过程不同阶段的21项专利。我们还认为我们的无人机和传感器制造过程是商业秘密，并与现任员工签订了保密协议和业务合作伙伴保护公司持有的这些秘密和其他商业秘密。与保护和利用相关的风险知识产权的风险在“风险因素”中阐述。

商标

标记

国家

应用号

备案日期

登记号

登记日期

状态

（RE）定义农业无人机感测

美国

88 /521832

7/18/2019

6078193

6/16/2020

Altum

美国

88 /412439

5/2/2019

6823409

8/23/2022

美国

97 /174411

12/15/2021

6918181

12/6/2022

加拿大

2198057

6/15/2022

未决

中国

6/15/2022

1672211

6/15/2022

ALTum-PT

欧盟

6/15/2022

1672211

6/15/2022

日本

6/15/2022

未决

墨西哥

6/15/2022

未决

马德里议定书

A0124015

6/15/2022

1672211

6/15/2022

米卡森

美国

86 /659942

6/11/2015

4922111

3/22/2016

赎回

美国

88 /749873

1/7/2020

6344611

5/11/2021

REDEDGE-MX

美国

88 /749880

1/7/2020

6359035

5/25/2021

美国

97 /105307

11/2/2021

6917109

12/6/2022

加拿大

2189471

4/29/2022

未决

Rededge-P

欧洲联盟

4/29/2022

1664529

4/29/2022

日本

4/29/2022

未决

墨西哥

4/29/2022

未决

马德里议定书

A0122452

4/29/2022

1664529

4/29/2022

的内容不完整

美国

88 /521846

7/18/2019

6062427

5/26/2020

年龄

美国

68 /08302

7/20/2021

90837274

8/2/2022

的无人机年龄

美国

88 /946058

6/3/2020

未决

加拿大

2068393

12/3/2020

未决

理智地， Kambill公司和设计

印度

12/16/2021

5249406

8/1/2022

澳大利亚

3/13/2013

1553690

3/13/2013

巴西

3/25/2013

840461313

1/12/2016

巴西

3/25/2013

840461305

3/6/2018

加拿大

GMA 932233

3/15/2013

1618501

3/21/2016

中国

3/13/2013

1156183

12/24/2013

欧洲联盟

3/13/2013

1156183

3/13/2017

艾比

俄罗斯

3/13/2013

1156183

11/13/2014

南非洲

2013/06574

3/14/2013

未决

南非洲

2013/06573

3/14/2013

未决

瑞士

61158/2012

9/18/2012

638841

1/21/2013

美国

79128567

3/13/2013

4503673

4/1/2014

WIPO

3/13/2013

7/8/5065

3/13/2013

澳大利亚

1/22/2015

1241930

1/22/2015

巴西

1/30/2015

908933975

中国

1/22/2015

1241930

1/22/2015

欧洲联盟

1/22/2015

1241930

1/22/2015

ExOM

俄罗斯

1/22/2015

1241930

1/22/2015

南非洲

1/23/2015

2015/01806

未决

瑞士

59684/2014

8/20/2014

663964

9/24/2014

WIPO

1/22/2015

1241930

1/22/2015

联合王国

1/22/2015

UK 00801241930

2/11/2016

澳大利亚

11/8/2011

1100123

11/8/2011

巴西

3/4/2016

910715637

4/17/2018

巴西

3/4/2016

910715580

4/17/2018

加拿大

GMA 1013798

2/25/2016

1769512

1/24/2019

中国

11/8/2011

1100123

11/8/2011

senseFly

欧洲联盟

11/8/2011

1100123

11/8/2011

俄罗斯

11/8/2011

1100123

11/8/2011

瑞士

62950/2010

5/8/2011

615741

5/26/2011

美国

79106546

11/8/2011

4166369

7/3/2012

WIPO

1100123

11/8/2011

澳大利亚

9/9/2016

1814255

9/9/2016

中国

1322220

9/9/2016

欧洲联盟

132220

9/9/2016

阿尔布里斯

俄罗斯

132220

9/9/2016

瑞士

53355/2016

3/16/2016

685791

3/30/2016

美国

79197603

9/9/2016

5178765

4/11/2017

WIPO

132220

9/9/2016

艾比 TAC

瑞士

15306/2020

10/29/2020

754619

11/6/2020

WIPO

4/21/2021

1615756

4/21/2021

专利和正在申请的专利

发明名称

国家代码

状态

应用号

备案日期

出版物号

出版物日期

专利号

专利日期

反射面板专题机器人可读符号和使用方法

美国

NP归档

62/160732

5/13/15

反射面板专题机器人可读符号和使用方法

美国

授予

15/154719

5/13/16

20170352110

12/7/17

10467711

11/5/19

红外图像显示器的热校准

美国

授予

15/620627

6/12/17

20170358105

12/14/17

10518900

12/31/19

红外图像显示器的热校准

美国

NP归档

62/350116

6/14/16

多辐射度估计

已转换

US2017/066524

12/14/17

WO2018/136175

7/26/18

多辐射度估计

美国

授予

16/037952

7/17/18

20180343367

11/29/18

11290623

3/29/22

多辐射度估计

中国

发表

201780083888.1

12/14/17

CN110291368 A

9/27/19

多辐射度估计

欧洲

发表

17892899.0

12/14/17

3571480

11/27/19

多辐射度估计

日本

发表

2019-529189

12/14/17

2020-515809

5/28/20

图像处理器和热摄像机设备、系统和方法

欧洲

发表

19892185.0

12/3/19

3890466

10/13/21

图像处理器和热摄像机设备、设备和方法

中国

允许

201980079714.7

12/3/19

CN 113226007 A

8/6/21

图像处理器和热摄像机设备、系统和方法

美国

发表

17 /299258

6/2/21

20220038644

2/3/22

图像处理器和热摄像机设备、系统和方法

已转换

US2019/064296

12/3/19

WO2020/117847

6/11/20

检查用户的辐射检查

美国

发表

17 /720093

4/13/22

20220333979

10/20/22

照明设备用户

美国

NP归档

63 /174929

4/14/21

具有多光谱的航空成像方案和方法和全彩色传感器

未决

US2022/075938

9/2/22

具有多光谱的航空成像方案和方法和全彩色传感器

美国

NP归档

63/240730

9/3/21

相机

美国

授予

29/691510

5/16/19

D907099

1/5/21

相机

美国

授予

29/691512

5/16/19

D907100

1/5/21

光传感器

美国

授予

29/691513

5/16/19

D906845

1/5/21

透镜壳体

美国

授予

29/691516

5/16/19

D907102

1/5/21

在哪里您可以找到更多信息

的公司须遵守《交易法》的报告要求。公司向SEC提交或补充季度报告表格10-Q、表格8-k的当前报告以及这些报告的修正案，并将提供其代理声明。这些文件可用向SEC提交或提供后不久，即可免费在公司网站wwwageagle.com上发布。SEC坚称互联网网站www.sec.gov，其中包含有关发行人的报告和信息声明以及其他信息。

项目 1A.危险因素

的下文讨论的风险因素可能会导致我们的实际结果与任何前瞻性陈述中表达的结果存在重大差异。尽管我们试图全面列出这些重要因素，但我们警告您，其他因素可能会在未来证明对于影响我们的运营结果至关重要。新的因素时有出现，我们无法预测所有这些因素，我们也无法评估每个此类因素对业务的影响或任何因素或组合的影响程度因素的影响，可能会导致实际结果与任何前瞻性陈述中包含的结果存在重大差异。

的下文描述的风险列出了我们认为与购买我们的普通股相关的最重大风险。之前您投资我们的普通股，您应该仔细考虑这些风险因素，以及其中包含的其他信息招股说明书

我们有经营亏损的历史，并预计将产生大量额外的经营费用。

通过我们的全资子公司AgEagle Aerial，Inc.，我们已经运营了十多年了。直到2021年我们才收购我们产品的最新上市机身、传感器和软件技术。截至2023年12月31日，我们已累计赤字约16558万美元，其中包括截至年度的净亏损约4242万美元和5825万美元分别于2023年12月31日和2022年12月31日。由于我们继续投资于我们的业务，目前我们仍面临重大净亏损因此，我们无法保证当我们期望从运营中产生足够的现金流时足以涵盖我们的运营业务。此外，考虑到竞争和不断变化的性质，即使我们实现了盈利在我们经营的行业中，我们可能无法维持或提高盈利能力，否则将产生不利影响我们的业务，包括我们筹集额外资金的能力。

我们将需要额外的资金，并且可能无法在需要时筹集资本，这将迫使我们推迟、削减或取消一个或更多我们的研发计划或商业化努力。

我们自成立以来，业务消耗了大量现金。我们预计将继续在产品上投入大量资金和软件开发。我们将需要额外资金来支持我们持续的研发活动，以及将这些活动产生的任何现有和新产品和/或服务商业化、营销和销售的成本。在我们能够产生足够的收入并实现盈利之前，我们需要满足未来的现金需求通过股权或债务融资。无法保证我们的融资工作会成功。

对 2021年5月25日，公司与Stifel，Nicolaus签订市场销售协议（“ATM销售协议”） & Company，Incorporated和Raymond James & Associates，Inc.作为销售代理（“代理”），与不时要约和出售公司普通股股份，总发行价高达100，000，000美元 (the“ATm股票”），通过市场股票发行计划（“ATm发行”）。2022年，我们筹集了债务和股权交易总收益为1780万美元，其中包括通过ATM发行获得的460万美元。

对 2022年6月26日，公司与机构投资者（“投资者”）签订证券购买协议，是公司的现有股东。根据该协议的条款，公司向投资者发行并出售了10，000 F系列5%优先可转换股票（“F系列”）的股票以及购买最多16，129，032股的期权公司的普通股在登记直接发行中以每股0.96美元的价格发行，并筹集了总计10，000，000美元的总收益。

对 2022年12月6日，公司与投资者签订证券购买协议，根据该协议，公司发行并出售给投资者（i）本金总额为3，500，000美元的8%原始发行折扣期票（“票据”），和（ii）购买最多5，000，000股公司普通股的普通股购买证（“证”）股票（“股份”）的行使价为每股0.44美元，但须接受标准反稀释调整。票据获公司的无担保义务。原始发行折扣为4%，年息为8%。本公司收到净收益为3，285，000美元，扣除原始发行折扣140，000美元和发行成本75，000美元。该逮捕令不可行使发行后的前六个月，期限为五年，自初始行使日期2023年6月6日起。

对 2023年3月10日，公司向投资者发行并出售额外3，000股F系列股票，可转换为2，381股公司普通股，每股优先股每1，000美元的既定价值，换股价为每股0.42美元及相关普通股凭证以每股0.42美元的行使价购买最多7，142，715股普通股（“额外令状”）进行私募，并筹集了3，000，000美元的总收益。额外授权令可在发布后行使，任期三年。

对 2023年6月5日，公司与一些认可的公司签订了证券购买协议（“购买协议”）投资者（“投资者”）。根据购买协议的条款，公司已同意发行并出售给投资者（i）每股0.25美元的16，720，000股普通股（“发行股份”）和（ii）购买期权最多25，080，000股普通股（“认购证”），可按每股0.38美元行使（“认购证股份” 连同令状和发行股份，“证券”）并筹集了4，180，000美元的销售总收益。搜查令期限为5.5年，从交易结束日期开始，但在交易结束后的前六个月内不可行使。结果，根据购买协议，公司发行了16，720，000股普通股，扣除发行成本后，收益为3，817，400美元从发行和认购证中购买最多25，080，000股普通股，可按每股0.38美元行使。

对 2023年11月15日，公司与包括Alpha在内的投资者签订了转让协议，根据该协议，除其他外事情，（i）Alpha转让并分配给某些机构和认可投资者（“受托人”）、权利以及根据附加协议以每股1，000美元的价格购买最多1，850，000美元或1，850股F系列优先股的义务 F系列协议中规定的投资权（“投资权”），（ii）F系列协议已修订，以便受托人是该协议的一方，并在转让权利范围内与投资者享有相同的权利和义务， (iii)投资者可以提供投资者通知的期限从2024年8月3日延长至2025年2月3日; 及（iv）Alpha及公司同意一次性豁免最低认购要求，以允许行使认购权权利

的的w上描述转让协议不求完整并通过参考转让协议, 作为本报告附件10.2存档，并通过引用并入本文。

根据公司于2023年11月15日从投资者和受托人收到的投资者通知，就转让而言，投资者和受托人已提供了有意购买1，850股股份的通知优先股（“11月附加系列F优先股”）可转换为14，835，605股普通股（ “11月转换股份”），转换价为每股0.1247美元和认购证（“11月额外认购证”）购买最多14，835，605股我们普通股，行使价为每股0.1247美元，总购买价为1，850，000美元。 11月额外授权令将在发行后即可行使，期限为三年。

根据根据公司收到Alpha的投资者通知，公司向Alpha出售了650股11月附加F系列股票优先股，是1，850股股份的一部分，可转换为5，212，510股普通股，转换价格为每股0.1247美元（因普通股发行而调整至每股0.10美元）和11月额外认购证购买最多5，212，510股我们的普通股，初始行使价为每股0.1247美元（调整为0.10美元由于普通股发行而产生的每份期权），总购买价格为650，000美元。

尽管上述情况，我们未来将需要额外的融资。如果我们无法筹集额外资金，我们可能不得不推迟，减少或消除我们的一个或多个解决方案的商业化、营销和销售。如果我们需要的融资无法获得对我们来说，或者在我们要求时我们无法接受的条款，后果可能会对我们的业务、运营产生重大不利影响结果、财务状况和前景。

在此外，如果通过与合作伙伴或其他非稀释来源的安排获得额外资金，我们可能会放弃我们原本会寻求的一些正在开发的技术或产品的经济和/或专有权自己开发或商业化。此类事件可能会对我们的业务、经营业绩、财务产生重大不利影响条件和前景。

我们独立注册会计师事务所的报告包含一个解释性段落，对以下内容表示重大怀疑我们继续“持续经营”的能力。

作为截至2023年12月31日，公司手头现金80万美元，流动资金为负50万美元。止年度 2023年12月31日，公司净亏损约4240万美元，经营活动使用现金约4240万美元 1100万美元。虽然该公司历来成功筹集资金以满足其运营资金需求，但有能力继续筹集此类资本以使公司继续增长并不能保证。由于公司将需要额外的人们对未来十二个月内继续运营并履行财务义务的流动性存在很大疑问公司持续经营的能力。该公司正在评估获得所需额外资金的策略用于未来的运营和运营重组以增加收入和减少费用。

如果该公司无法在短期内实现大幅销售增长并筹集额外资本，该公司存在可能违约;如果没有其他手段，可能会被要求停止或大幅缩小其运营范围有多种融资选择。本年度报告中包含的合并财务报表不包括任何调整与记录资产金额的可收回性和分类或负债金额和分类或任何其他如果公司无法继续经营，可能需要进行调整。

风险与我们的业务和我们服务的行业相关

我们在不断变化的市场中运营，这使得我们很难评估我们的业务和未来前景。

AgEagle的无人机、传感器和软体技术正在并将在快速发展的新市场上销售。商用无人机行业正处于客户采用的早期阶段以及美国联邦航空局对与商用无人机集成到美国国家空域系统正在迅速发展。因此，我们的业务和未来前景可能很难评估。我们无法准确预测对我们的无人机系统和解决方案的需求会增加到什么程度（如果有的话）。挑战、风险公司在快速发展的市场中经常遇到的不确定性可能会影响我们实现以下目标的能力：

	●	生成足够的收入以实现可持续盈利能力;

	●	获取并保持市场份额;

	●	实现或管理我们业务运营的增长;

	●	更新合同;

	●	吸引并留住软体和系统工程师以及其他高素质人员;

	●	成功为商业市场开发新产品和端到端解决方案;

	●	适应当前和潜在客户的新政策或不断变化的政策和支出优先事项;以及

	●	接入在需要时并以合理的条款增加资本。

如果我们未能成功应对这些和其他挑战、风险和不确定性、我们的业务、运营运绩和财务情况将受到重大损害。

产品开发是一个漫长、昂贵且不确定的过程。

的无人机系统的开发是一个成本高昂、复杂且耗时的过程，产品开发投资往往涉及长期的过程等到此类投资能够实现回报（如果有的话）。我们可能会在开发过程中面临困难或延误，将导致我们无法及时提供满足市场的产品，这可能会导致竞争产品在开发和认证过程。我们计划继续在与以下相关的研发方面进行大量投资我们的产品和技术服务，但此类投资本质上是投机性的，需要大量资本支出。任何我们在研发过程中遇到的不可预见的技术障碍和挑战可能会导致延迟或放弃产品商业化可能会大幅增加开发成本，并可能对我们的结果产生负面影响的运营。

成功我们产品的技术开发并不能保证成功商业化。

虽然我们已成功收购了完全开发的上市无人机系统、传感器和软体技术解决方案，可供销售或订阅，我们可能仍然无法取得商业成功，原因有几个，其中包括以下原因：

	●	失败获得使用所需的监管批准;

	●	快速由于新的、更先进的技术而导致产品报废;

	●	禁止性生产成本;

	●	竞争产品;

	●	缺乏产品创新;

	●	不成功通过我们的销售渠道进行分销和营销;

	●	不足我们的供应和分销合作伙伴的合作;以及

	●	产品不符合或不满足客户需求的开发。

我们我们开发的产品和服务在市场上的成功在很大程度上取决于我们正确展示其能力的能力。经过演示后，我们的解决方案可能不具备它们设计或我们相信它们会具备的功能。此外，即使我们确实成功展示了我们的产品功能，潜在客户也可能会更愿意与我们开展业务我们的竞争对手;或者可能认为对我们开发的产品没有重大需求。因此，我们当前的巨额收入新产品投资可能在几年内无法实现（如果有的话），这将影响公司的盈利能力。

我们面临来自其他公司的竞争，其中许多公司拥有更多的资源。

我们的竞争对手可能会向客户提供与我们提供的功能或优势不同或更大的产品在技术资格、过去的合同履行情况、地理位置、价格和关键专业人员的可用性等方面人事部。此外，我们的许多竞争对手可能能够利用其更多的资源和规模经济来开发竞争对手的产品和技术，更高效地大批量生产，通过赢得更广泛的市场来转移我们的销售通过提供更有利可图的薪酬方案来签订合同或解雇我们的员工。小型企业的竞争对手或许能够提供更具成本竞争力的解决方案，因为它们的管理成本更低。商用无人机和服务的市场正在迅速扩大，随著更多的竞争对手进入市场，以及现有竞争对手扩大产品供应，竞争正在加剧。在……里面在与规模更大、资金更充足的公司竞争时，为了成功地获得合同，我们可能会被迫同意合同条款规定在合同有效期内向我们支付的总金额较低，这可能会对我们的利润率产生不利影响。我们的失败有效的竞争可能会对我们的业务、前景、财务状况或未来的经营业绩产生实质性的不利影响。

如果如果我们未能保护我们的智慧财产权，我们可能会失去在市场上竞争的能力。

我们智慧财产权和专有权对于我们保持竞争力和成功开发的能力至关重要我们的产品和我们未来的增长潜力。专利保护可以受到限制，并非所有智慧财产权都可以申请专利。我们希望依靠专利、商标、版权和商业秘密法以及保密和不披露的结合保护我们的智慧财产权、其他专有权的协议和程式、非竞争协议和其他合同条款权利和我们的品牌。由于我们目前授予的专利或版权保护有限，因此我们必须依赖商业秘密以及提供有限保护的保密协议。我们的智慧财产权可能会受到质疑、无效或被第三方规避。我们可能无法阻止未经授权披露或使用我们的技术知识或其他贸易员工或竞争对手的秘密。

此外，我们的竞争对手可能会独立开发与我们的技术实质等同或优于我们的技术的技术和产品和产品，这可能导致收入减少。诉讼可能是执行我们的知识产权所必需的，可能会给我们带来巨大的成本，并大量转移管理层的注意力。如果我们不充分保护我们的知识产权，我们的竞争对手可以利用它来增强他们的产品。我们无法充分保护我们的知识产权权利可能会对我们的业务和财务状况以及我们品牌和其他无形资产的价值产生不利影响。

其他公司可能会声称我们侵犯了他们的知识产权，这可能会大幅增加我们的成本并损害我们的生产能力未来的收入和利润。

我们我不认为我们的技术侵犯了任何第三方的专有权；然而，侵权的指控正在成为越来越普遍，第三方可能会对我们提出侵权索赔。可能很难或不可能识别，之前收到第三方的通知，第三方的商业秘密、专利地位或其他知识产权，在美国或在外国司法管辖区。任何此类断言都可能导致诉讼，或者可能需要我们获得第三方的知识产权。如果我们需要获得使用任何第三方技术的许可证，我们将必须支付版税，这可能会显著减少我们产品的任何利润。此外，任何此类诉讼都可能代价高昂并破坏我们创造收入或进入新市场机会的能力。如果我们的任何产品被发现侵权其他方的所有权，而我们无法与这些方就许可达成协议，我们可能会被迫修改我们的产品，使其不侵权或完全停止生产此类产品。

的我们的业务性质涉及保险或赔偿可能不涵盖的重大风险和不确定性。

我们在可能无法获得保险或赔偿的情况下开发和销售产品和服务，例如，关于收集和分析各种类型的信息。此外，我们的产品和服务也引发了一些问题关于公民自由、知识产权、非法侵入、转换和类似概念的问题，这可能会产生法律上的问题。赔偿因我们开发或部署的任何技术故障而导致的潜在索赔或责任可能在某些情况下可用，但在其他情况下不可用。目前，无人机系统产业缺乏形成的保障。市场。我们可能无法为客户面临的所有运营风险和不确定性提供保险。因事故、产品故障或人身伤害或财产责任引起的重大索赔，以及超过任何弥偿或保险范围的服务(或没有弥偿或保险范围的服务) 可能损害我们的财务状况、现金流和经营业绩。任何事故，即使是全额投保或投保，都可能带来负面影响。影响我们在客户和公众中的声誉，并使我们更难有效竞争。

我们可能会招致与我们的产品相关的重大产品责任索赔。

作为作为无人机产品制造商，随着飞机和航空行业公司近年来受到越来越严格的审查，索赔可能如果使用或滥用我们的无人机产品造成或仅仅看似造成人身伤害或死亡，则将对我们提起诉讼。此外，我们产品的缺陷可能会导致其他潜在的生命、健康和财产风险。任何针对我们的索赔，无论他们的优点可能会严重损害我们的财务状况，给我们的管理和其他资源带来压力。我们无法预测我们是否会能够为我们的任何产品获得或维护产品责任保险。

我们保持超过联邦保险限额的现金存款。影响金融机构的不利事态发展，包括银行倒闭，可能会对我们的流动性和财务表现产生不利影响。

我们定期在联盟存款保险公司(FDIC)承保的银行保持国内现金存款，超过 FDIC保险限额。我们还在我们经营业务的外国银行保持现金存款，其中一些没有保险或只有部分保险由联盟存款保险公司或其他类似机构承保。银行倒闭、涉及有限流动性的事件、违约、不履行或其他影响金融机构的不利事态发展，或对此类事件的担忧或传言，可能会导致流动性约束。例如，2023年3月10日，矽谷银行倒闭，被FDIC接管。另外，在2023年3月15日，瑞士信贷宣布，将从瑞士国家银行借入至多500亿瑞士法郎，或537美元亿，以解决它对流动性的担忧。我们在瑞士信贷的存款历来低于100美元万欧元，现在降低了我们的资金作为我们风险缓解计划的一部分与上述有关，我们未来可能会增加我们在瑞士信贷的存款然而，不能保证如果发生类似事件，我们将能够有效地降低损失风险。未来的瑞士银行或任何其他我们有存款的银行。一家银行的倒闭，或金融领域的其他不利状况或信贷市场冲击我们维持收支平衡的金融机构，可能会对我们的流动性和金融性能。不能保证我们超过联盟存款保险公司或其他类似保险限额的存款会得到支持。由美国或适用的外国政府，或与我们有业务往来的任何银行或金融机构能够获得在发生破产或流动性危机时，需要从其他银行、政府机构或通过收购获得流动性。

如果我们的分包商或供应商未能履行其合同义务、我们作为承包商的绩效和声誉以及我们的获得未来业务的能力可能会受到影响。

我们我们经常依赖其他公司来完成我们有义务为客户完成的工作。随著我们在某些条件下获得更多的工作在我们的合同中，我们预计需要提供补充或补充服务的分包商提供越来越多的支持我们的报价。我们对分包商完成的工作负责，即使在某些情况下我们的参与有限在那份工作中。如果我们的一个或多个分包商未能及时令人满意地履行商定的服务或违反签约政策、法律或法规，我们履行主承包商义务或满足客户要求的能力要求可能会受到损害。在极端情况下，分包商的表现或其他缺陷可能会导致客户因违约而终止我们的合同。违约终止可能使我们承担责任，包括对重新采购的成本，可能会损害我们的声誉，并可能损害我们竞争未来合同的能力。

为对于我们产品中包含的某些组件，我们可以依赖的供应商数量有限。如果我们无法获得当需要这些组件时，我们可能会在产品制造中遇到延误，并且我们的财务业绩可能会受到不利影响受影响。

供应商我们产品的一些零部件可能需要我们在很长的交货期内下订单，以确保供应符合他们的制造要求，并专门针对我们的技术服务业务签订协议。供应延迟可能严重损害了我们履行合同义务的能力，从而损害了我们的业务和运营结果。此外，我们可能无法继续以令人满意的商业条款从这些供应商获得此类零部件。我们的制造中断如果我们被要求从替代来源获取零部件，那么运营就会随之而来，这将对我们的业务产生不利影响，运营结果和财务状况。

如果我们无法招聘和留住关键管理、技术和销售人员，我们的业务将受到负面影响。

为我们的业务要想成功，我们需要吸引和留住高素质的行政、技术和销售人员。未能做到在需要时，以可接受的条件和保持积极的能力，以特定的资格招聘更多的关键人员与我们合作伙伴的关系，可能会阻碍我们继续开发、商业化和销售我们的产品和服务的能力。至只要技术人员供不应求，我们就会面临更高的劳动力、招聘和培训成本吸引和留住这样的员工。我们管理团队中任何成员的流失也可能延迟或损害我们业务的实现目标并导致业务中断，因为他们的继任者需要时间来招聘和熟悉我们的生意。我们面临著从其他公司争夺合格人才的竞争，这些公司拥有明显更多的可用资源，因此可能无法吸引到我们业务成功所需的人员水准。

如果我们提议的营销努力不成功，我们可能无法获得足够的收入来盈利。

我们未来的增长取决于我们的产品和服务获得市场认可以及定期生产订单。我们的营销计划包括参加贸易展、进行私人示威、广告、社交媒体、公共关系、宣传材料以及印刷和/或广播媒体中的广告活动。此外，我们的营销计划还纳入了培育、扩张的策略并利用我们的全球电信网络以及与政府和国防承包商的关系来实现更大的市场渗透率在商业和政府/军事垂直领域。如果我们未能成功获得大量订单我们的产品和技术服务，我们在扩大业务时将面临重大障碍。我们无法保证我们的营销努力将会成功。如果他们不这样做，收入可能不足以支付我们的固定成本，我们也可能不会成为有利可图的。

我们营运利润率可能会受到销售额减少或销售产品成本增加的负面影响。

预期关于未来的销售和费用在短期内基本上是固定的。我们将原材料和成品保持在我们认为的数量对于预期的分销和销售来说是必要的。因此，我们可能无法及时降低成本来弥补预测销售额与实际销售额之间出现任何意外的缺口。

我们由于我们无法准确预测未来的收入和经营运绩，因此面临巨大的失败风险。

的我们竞争的市场性质迅速变化，因此很难准确预测我们的收入和经营运绩。此外，我们预计未来我们的收入和经营运绩将因多种因素而波动，包括以下因素：

	●	的销售或订阅我们产品的时间;

	●	意外延迟推出新产品和服务;

	●	增加费用，无论是与销售和营销还是管理有关;以及

	●	成本与可能的企业收购有关。

快速技术变革可能会对我们产品的市场接受度产生不利影响，并可能对我们的业务、财务状况、和运营结果。

这个我们竞争的市场受到技术变化、新产品的推出、客户需求的变化和不断发展的影响行业标准。我们未来的成功将取决于我们是否有能力跟上技术发展的步伐，及时解决通过支持现有技术和新技术以及通过开发和引入增强功能来满足客户日益复杂的需求我们现有的产品和服务以及新的产品和服务。我们在开发和营销增强功能方面可能不会成功我们的产品将回应技术变化、不断发展的行业标准或客户要求。此外，我们还可以在内部或与主要供应商和合作伙伴一起遇到困难，可能会推迟或阻碍成功的开发，引入和销售这种改进和这种改进可能不能充分满足市场的要求，也可能无法实现任何显著程度的市场接受度。如果我们的新产品或增强功能的发布日期被推迟，或者如果发布时，如果它们不能获得市场的认可，我们的业务、经营业绩和财务状况可能会受到不利影响。

失败获得美国联邦航空局或其他政府机构的必要监管批准，或对小型无人机的使用进行限制出于公共隐私问题，可能会阻止我们扩大向商业和工业客户销售无人机解决方案美国的

这个美国对用于商业用途的小型无人机的监管正在发生实质性变化，最终的处理方式尚不确定。 2016年8月，美国联盟航空局关于在美国国家空域常规使用某些小型无人机(55磅以下)的最终规则系统生效，为小型无人机进行非娱乐性操作提供了安全法规，幷包含各种限制以及对此类行动的限制，包括要求运营商将无人机保持在视线范围内，并禁止飞行地面上没有受到保护的人，他们没有直接参与无人机的行动。2021年4月，联盟航空局的要求远端识别UAS的最终规则生效。当天，小型无人机运行的最终规则是飞行在一定条件下，对人和夜间也生效。我们不能向您保证会产生任何额外的最终规则在商业和工业实体对我们的UAS和UAS解决方案的广泛使用中。此外，公众对以下问题表示关注美国商业使用小型无人机对隐私的影响。这一关切包括呼吁制定明确的书面政策和确定使用限制的程式。我们不能向您保证监管机构、客户和隐私权倡导者的反应解决这些问题不会推迟或限制小型无人机在商业用途市场的采用。

联邦，州和部落政府对国内大麻种植的监管是新的，并且会不断变化和演变，并且不利事态发展可能会对我们的经营运绩产生不利影响。

任何与国内大麻种植相关的法律或法规的变化可能会对我们的业务、运营运绩和我们的业务产生不利影响我们的业务前景 大麻概述 SaaS平台。

我们未来可能会寻求额外的战略交易，这可能难以实施、扰乱我们的业务或改变我们的业务业务概况显著。

我们打算考虑额外的潜在战略交易，其中可能涉及收购企业或资产、合资企业或对扩展、补充或以其他方式与我们当前或未来业务相关的业务、产品或技术的投资。我们还可能会不时考虑与第三方开展合资企业或其他业务合作的机会以应对特定细分市场。我们的关系是否未能达成重大协议，或者我们是否未能与这些公司高效合作，我们可能会失去销售和营销机会以及我们的业务、运营运绩和财务情况可能会受到不利影响。

这些活动如果成功，除其他外，会产生风险，例如：(1)需要整合和管理所获得的业务和产品我们自己的业务和产品；(Ii)对我们的资源、系统、程序和控制的额外需求；(Iii)我们的持续经营；(4)与目标公司相关的潜在未知或无法量化的负债；以及(5)管理层的来自其他企业的关注。此外，这些交易可能涉及：(A)大量投资资金或筹资。通过发行债务或股权证券；(B)在技术转让和业务整合方面进行大量投资；以及(C)收购或处置产品线或业务。此外，此类活动可能会导致一次性收费和开支并有可能稀释我们现有股东的利益，或导致发行或承担债务。这类收购、投资、合资企业或其他商业合作可能涉及重大的财务和其他资源。任何此类活动都可能不能成功地产生收入、收入或其他回报，以及我们承诺的任何资源对于此类活动，我们将不能用于其他目的。此外，如果我们不能通过可接受的方式进入资本市场条款或根本没有条件，我们可能无法完成收购，或者可能不得不在不太理想的资本结构的基础上这样做。我们无法利用增长机会或应对与企业收购或投资相关的风险，可能对我们的经营业绩产生负面影响。

此外，在收购或投资中收购的善意或其他无形资产的任何减损，或相关盈利的扣除任何收购或投资活动都可能会大幅减少我们的收益。未来的收购或合资可能不会实现我们可能无法将收购的产品、技术或业务与我们现有的产品、技术或业务适当整合产品和运营或成功结合人员和文化。如果不这样做，我们可能会失去预期的好处这些收购。

网络攻击以及其他网络或信息技术安全的安全漏洞可能会对我们的业务产生不利影响。

我们保留开展业务所需的资讯，包括机密和专有资讯以及个人资讯关于我们的客户和员工，以数位形式。我们也使用电脑系统来提供我们的产品和服务以及运营我们的生意。以数位形式保存的数据面临未经授权访问、修改、泄露、销毁的风险或拒绝访问，我们的电脑系统受到网路攻击，可能导致服务中断。我们使用了很多第三方系统和软体，这也是供应链和其他网路攻击的对象。我们开发和维护资讯安全识别和缓解网络风险的计划，但该计划的开发和维护成本高昂，需要持续监控并随著技术的变化和克服安全措施的努力变得更加复杂而进行更新。因此，尽管我们做出了努力，未经授权访问、修改、渗出、销毁或拒绝访问数据或系统及其他网路安全攻击无法完全消除，与潜在重大事件相关的风险依然存在。此外, 在某些需要开展业务的情况下，我们会向第三方提供一些机密、专有和个人资讯。目标。我们得到保证，这些第三方将保护这些资讯，并在我们认为适当的情况下，监测对于这些第三方所采用的保护措施，第三方持有的数据的机密性可能会受到威胁。

的与这些事件相关的潜在责任可能超过我们维持的保险范围。我们无法运营我们的设施由于此类事件，即使在有限的时间内，也可能导致其他竞争对手的巨额费用或市场份额损失。此外，未能保护客户和员工机密数据的隐私免受技术平台的破坏，或 IT安全可能会导致我们的声誉受损。迄今为止，我们尚未遭受网络攻击或其他网络事件，单独或汇总，对我们的业务、经营运绩和财务状况造成重大不利影响。

成功然而，网络安全攻击或其他安全事件可能会导致例如以下一种或多种情况：未经授权的访问披露、修改、滥用、丢失或破坏公司、客户或其他第三方数据或系统;盗窃或进口或出口敏感、受监管或机密数据，包括个人信息和智慧财产权，包括关键创新人工智慧、量子或其他破坏性技术;无法通过勒索软体访问关键数据或系统，加密货币采矿、破坏性攻击或其他手段;以及业务延迟、服务或系统中断或拒绝服务。

我们我们的人工智慧计划可能无法成功，这可能会对我们的业务、声誉或财务产生不利影响结果

发展生成式人工智慧（「AI」）技术很复杂，并且实现相关技术挑战所需的准确性、效率和可靠性水平。生成式人工智慧系统中使用的算法和模型可能存在局限性，包括偏见、错误或无法处理某些数据类型或场景。此外，还存在系统故障、中断、或可能损害生成内容的完整性、安全性或隐私的漏洞。这些限制或失败可能导致声誉损害、法律责任或用户信心丧失。

我们正在投资人工智慧倡议，包括生成性人工智慧，以开发新产品，并为现有产品开发新功能。开发和部署人工智慧涉及重大风险，而且不能保证人工智慧的使用将增强我们的产品或服务，或对我们的业务有益，包括我们的效率或盈利能力。例如，我们与人工智慧相关的努力可能会产生与准确性、知识产权侵权或挪用、数据隐私和网路安全等。此外，这些风险包括新政府或强化政府的可能性。或监管审查、诉讼或其他法律责任、道德问题、消费者对自动化和人工智慧的负面看法，或其他可能对我们的业务、声誉或财务业绩产生不利影响的复杂情况。此外，我们还面临著激烈的竞争来自其他正在开发自己的人工智慧产品和技术的公司。这些其他公司可能会开发人工智慧产品和技术与我们的技术相似或更优越，或者开发和部署更具成本效益的产品。我们不能保证第三方不会将此类人工智慧技术用于不正当目的，包括通过传播不准确的内容、知识产权侵权或挪用，进一步网路安全攻击，侵犯数据隐私，或开发相互竞争的技术。AS 因此，无法预测与使用人工智慧相关的所有风险以及法律、规则、指令和法规的变化管理人工智慧的使用可能会对我们开发和使用人工智慧的能力产生不利影响，或者使我们承担法律责任。

的我们的财务报表的编制涉及使用估计、判断和假设，我们的财务报表可能重大如果我们的估计被证明不准确，就会受到影响。

金融根据美国公认会计原则编制的报表需要使用估计、判断以及影响报告金额的假设。可以合理使用不同的估计、判断和假设，对财务报表产生重大影响，并且这些估计、判断和假设的变化可能发生在在未来的时期。这些估计、判断和假设本质上是不确定的，如果事实证明它们是错误的，那么我们将面临需要向收入收取费用的风险。

我们外币波动和法规可能会对运营结果产生显著影响。

一目前，我们的收入的很大一部分来自我们产品所在的外国司法管辖区的当地货币被出售。因此，我们面临与货币价位波动相关的风险。在未来，尤其是作为我们进一步扩大在国际市场的销售力度，我们的客户将越来越多地使用非美国货币付款。波动外币价位可能会影响我们的收入、运营成本和运营利润率。此外，货币贬值如果我们持有该货币的存款或如果它降低了我们产品的成本竞争力，可能会给我们带来损失。我们不能预测未来价位波动对我们经营运绩的影响。

我们自然灾害、公共卫生危机、政治危机或其他灾难性事件可能会对结果产生不利影响。

自然灾难，例如飓风、龙卷风、洪水、地震和其他不利天气和气候条件;不可预见的公共卫生危机，例如流行病和流行病;政治危机，例如恐怖袭击、战争、劳工骚乱和其他政治不稳定; 或其他灾难性事件，例如我们的制造设施发生的灾难，可能会扰乱我们的运营或运营我们的一个或多个供应商的。特别是，这些类型的事件可能会影响我们往返受影响地区的产品供应链并可能影响我们的运营能力。此外，这些类型的事件可能会对受影响地区的消费者支出产生负面影响地区我们设施发生的灾难可能会影响我们的声誉和客户对我们的看法品牌如果发生任何此类事件，我们的运营和财务业绩都可能受到不利影响。

国际贸易中断或纠纷可能会对我们的业务和经营运绩产生不利影响。

显著我们的部分业务在欧洲、亚洲和其他国际地区开展。国际中断英国退出等关系，通常被称为「脱欧」欧盟，或快速发展的俄罗斯与乌克兰、伊萨拉尔与哈马斯之间的冲突以及美国之间当前的贸易谈判等贸易争端和中国，可能会导致管理我们产品和智慧财产权的法规发生变化，扰乱我们的制造或商业运营，我们无法及时与俄罗斯和其他国家的客户接触并收取付款受影响地区，或以其他方式影响我们开展业务的能力。尽管这些全球性问题超越了我们的公司并困扰著跨行业和边境的公司，这些和类似事件可能会对我们或我们的业务合作伙伴或客户

俄罗斯的乌克兰的军事冲突已经导致，并可能导致美国、欧盟和其他国家反对俄罗斯。俄罗斯的军事入侵和随之而来的制裁可能对全球能源和金融市场。虽然我们的业务对俄罗斯或邻近的地理区域没有任何直接的敞口，但范围军事行动、制裁和由此造成的市场混乱的持续时间无法预测，但可能是巨大的。俄罗斯军事行动或由此产生的制裁造成的任何此类干扰都可能放大本报告中描述的其他风险的影响一节。我们无法预测乌克兰局势的进展或结果，因为冲突和政府的反应正在迅速正在发展，超出了我们的控制。长期动乱加剧军事活动或更广泛的制裁影响该地区可能对全球经济产生实质性不利影响，而这种影响又可能对业务产生实质性不利影响，经营业绩、财务状况、流动资金和业务前景。

那里金融市场的波动是由一系列因素造成的，包括但不限于银行业的不稳定，全球冲突，包括乌克兰战争和以色列-哈马斯战争，通货膨胀，利率变化，以及动荡的市场。的确有由于这些宏观经济因素，我们可能会经历全部或部分业务下滑的风险。经济上的不确定性可能会导致我们的一些现有或潜在客户减少在我们市场的支出，并可能最终导致给我们的运营带来了成本挑战。对我们客户的流动性或财务表现产生的任何不利影响都可能会降低对我们产品的需求或影响我们应收账款的应收备抵。这些不利的情况可能会导致收入减少，运营费用增加，销售周期延长，新技术采用速度放缓，竞争加剧。我们一般无法预测任何经济放缓或随后的复苏的时间、强度或持续时间。如果一般经济如果情况明显偏离目前的水准，我们的业务、财务状况和经营业绩可能会受到不利影响。

我们受《反海外腐败法》（「FCPA」）约束，该法通常禁止公司及其中介机构为了获得或保留业务或获得任何其他不当行为而向非美国政府官员付款优势.

我们在我们运营的司法管辖区内也受到反贿赂法律的约束。尽管我们有政策和程式旨在确保我们、我们的员工和我们的代理遵守《反海外腐败法》和其他反贿赂法律，但不能保证这些政策或程式将保护我们免于根据《反海外腐败法》或其他法律对我们的代理人、雇员和中间人采取的行动承担责任。关于我们的业务或我们收购的任何业务。我们在许多国家开展业务，在这些国家，公司最近被强制执行。不遵守《反海外腐败法》、其他反贿赂法或其他规范与外国政府实体的业务，包括当地法律，可能会扰乱我们的业务，并导致严厉的刑事和民事处罚，包括监禁，刑事和民事罚款，吊销我们的出口许可证，暂停我们与联邦政府的业务往来政府、拒绝政府为我们的产品报销和/或被排除在政府医疗保健计划之外。其他补救措施可能包括进一步改变或加强我们的程式、政策和控制措施以及潜在的人员变更和/或纪律处分，其中任何一项都可能对我们的业务、财务状况、业绩产生实质性的不利影响运营和流动资金。我们还可能受到任何有关我们违反此类法律的指控的不利影响。

我们受政府进出口管制的约束，这可能会因许可而损害我们在国际市场上的竞争能力要求并如果我们不遵守适用法律，我们将承担责任。

我们的产品受出口管制和进口法律、关税和法规的约束，包括美国出口管理条例，美国海关条例，以及美国财政部办公室管理的各种经济和贸易制裁条例外国资产控制公司。我们产品的出口必须符合这些法律、关税和法规。如果我们失败了为了遵守这些法律、关税和法规，我们和我们的某些员工可能会受到重大的民事或刑事处罚惩罚，包括可能失去出口或进口特权；可能对我们和负责任的员工或管理人员；在极端情况下，监禁负责的雇员或管理人员。此外，我们产品的更改或更改在适用的进出口法律、关税和法规中，我们的产品在国际上的引入和销售可能会出现延误。市场，或在某些情况下，完全阻止我们的产品向某些国家、政府或个人出口或进口。任何进出口法律法规的变化，现有法律、关税和法规的实施或范围的变化，或变化在这些法律、关税和法规所针对的国家，政府、个人、产品或技术也可能导致由于我们产品使用量的减少，或我们向现有或潜在客户出口或销售产品的能力下降。任何减少我们产品的使用或限制我们出口或销售产品的能力可能会对我们的业务产生不利影响，财务状况和经营结果。

全球国内经济趋势和金融市场状况，包括我们所服务行业的经济衰退，可能会产生不利影响影响我们的运营绩效。

我们打算在多个国家分销我们的产品和服务，并从美国国内外获得收入。我们预计我们的业务将受到全球竞争的影响，并可能受到美国和其他国家因素的不利影响我们无法控制的国家，例如金融市场的混乱，以遏制或控制的形式出现的经济衰退普遍的衰退状况、高失业率、复苏乏力或不均衡，在特定国家或地区，或在农业；特定国家或地区的社会、政治或劳动条件；自然灾害和其他影响我们的业务或我们的客户和供应商；或资金可获得性和成本、利率、税率、或我们运营所在司法管辖区的法规。不利的全球或区域经济状况，包括经济衰退在我们服务的行业--包括但不限于农业、建筑、能源、环境监测、军事/国防和公共安全-可能对我们的业务、流动性、财务状况和运营结果产生不利影响。

我们高级管理人员和关键员工对我们的客户关系和整体业务至关重要。

我们相信我们的成功在一定程度上取决于我们的高级管理层和关键员工的持续贡献。我们严重依赖我们的执行官、高级管理人员和关键员工成功开展业务并执行计划。此外该我们的管理团队成员和关键员工与某些关键客户建立和维护的关系和声誉继续提高我们维持良好客户关系并发现新业务机会的能力。失去我们的任何高管高级管理团队成员或关键员工可能会严重推迟或阻止我们业务的实现目标，可能会对我们的业务和客户关系造成重大损害，并损害我们识别和获得新合同的能力并以其他方式管理我们的业务。

我们赔偿我们的高级管理人员和董事对我们和我们的证券持有人的责任，此类赔偿可能会增加我们的运营成本

我们章程允许我们就与履行其办公室职责相关的索赔向我们的高级管理人员和董事提供赔偿。我们章程还允许我们报销他们某些法律辩护的费用。作为对因以下原因产生的责任的赔偿《证券法》可能允许我们的高级官员、董事或控制人员，但SEC已告知此类赔偿是针对的公共政策，因此无法执行。

风险与我们的证券相关

我们高管和董事可能会出售其股票，这些出售可能会对我们的股价产生不利影响。

销售我们的高管和董事出售我们的普通股，或者认为可能发生此类出售，可能会对我们普通股的市场价格。我们的高管和董事可能会在未来出售股票，无论是作为交易的一部分，还是在交易之外《交易法》第10 b5 -1条规定的计划。

的我们证券的市场价格可能会波动，并且可能会以与我们的经营运绩不成比例的方式波动。

我们由于多种因素，证券可能会经历大幅波动，其中包括：

	●	销售或大量普通股的潜在销售;

	●	潜在股票分拆;

	●	公告关于我们或我们的竞争对手或新产品居间;

	●	事态发展关于我们的产品制造商;

	●	的我们的全球分销渠道损失或意外表现不佳;

	●	诉讼以及与我们或我们竞争对手的专利或其他专有权有关的其他开发;

	●	条件无人机、国内大麻种植和无人机包裹递送行业;

	●	政府监管和立法;

	●	变化在我们的预期或实际经营结果中;

	●	变化证券分析师对我们业绩的估计，或者我们未能达到分析师的预期;

	●	外国货币价值和波动;以及

	●	整体政治和经济状况，包括俄罗斯入侵乌克兰。

我们 2023年1月1日至2023年12月31日期间，纽约证券交易所美国普通股收盘价高达每股0.58美金，低至0.10美金。对 2024年2月9日，公司进行了批准的20换1反向股票拆分，这将反映11.60美金的高股价，到2023财年，低价为2.04美金。据报导，2024年3月28日，我们普通股按分拆后收盘价纽约证券交易所美国报0.79美金。其中许多因素超出了我们的控制范围。股市历史上曾经历过大幅上涨和音量波动。这些波动通常与公司的经营运绩无关或不成比例。无论我们的实际经营运绩如何，这些广泛的市场和行业因素可能会降低我们证券的市场价格。

我们无意支付现金股息。因此，资本增值（如果有的话）将是您唯一的收益来源。

我们打算保留未来收益（如果有的话），以资助我们业务的发展和增长。此外，现有和未来的债务协议可能会阻止我们支付股息。因此，出售我们的共同财产会带来资本增值（如果有的话）在可预见的未来，股票将是您唯一的收益来源。

规定在我们的公司章程中，我们的章程和内华达州法律可能会阻止、推迟或阻止我们公司控制权的变更，或我们管理层的变化，因此压低了我们普通股的交易价格。

规定我们的公司章程、我们的章程和内华达州法律可能会产生阻止主动收购或推迟或阻止的效果我们公司控制权的变更或我们管理层的变更，包括我们股东可能收到的交易其股票比当时的市场价格有溢价。此外，这些条款可能会限制股东的批准能力他们可能认为符合他们最大利益的交易。这些规定包括：

	●	的股东无法召开特别会议;和

	●	的我们的董事会在未经股东批准的情况下指定条款并发行新系列优先股的能力，其中可能包括批准收购或我们控制权的其他变更的权利，或者可以用于制定权利计划，也被称为毒丸，它将有助于稀释潜在敌意收购者的股权，可能会阻止收购尚未得到我们董事会的批准。

的上述条款和反收购措施的存在可能会限制投资者未来可能愿意支付的价格购买我们普通股的股份。他们还可以阻止我们公司的潜在收购者，从而降低您这样做的可能性在收购中获得您的普通股溢价。

我们由于作为一家公开报告公司运营而产生了巨大的成本，我们的管理层需要投入大量资金是时候采取监管合规措施了。

作为作为一家公开报告公司，我们承担了私人公司不会承担的大量法律、会计和其他费用。在此外，2002年的《萨班斯-奥克斯利法案》和随后由SEC实施的规则对上市公司提出了各种要求，包括建立和维护有效的披露和财务控制以及公司治理实践。我们的管理和其他人员继续为这些合规举措投入大量时间。此外，这些规则和规定增加了我们的法律和财务合规成本，并使某些活动更加耗时和昂贵。比如我们预计这些规则和规定将继续使我们招聘董事和官员变得更加困难和昂贵责任保险。

我们目前有未发行的工具，我们可能在未来发行可转换为普通股股份的工具，该工具将导致我们的股东进一步稀释。

我们目前有可转换为普通股股份的未偿工具，我们可能需要发行类似工具在未来如果这些可转换工具被转换为已发行普通股股份，或我们制作的额外发行其他可转换或可交换证券，您可能会经历额外的稀释。此外，我们不能向您保证，我们将能够在任何发行中以每股等于或更高的价格发行股份或其他证券高于投资者支付的每股价格或当前市场价格。

FINRA 销售实践要求可能会限制股东买卖我们证券的能力。

这个金融行业监管局(FINRA)通过了一项规则，即经纪自营商必须有合理的理由相信推荐给客户的一项投资适合该客户。在推荐投机性低价之前向其非机构客户出售证券，经纪自营商必须作出合理努力，以获取有关客户的资讯财务状况、纳税状况、投资目标等资讯。根据对这些规则的解释，FINRA认为投机性低价证券很可能不适合某些客户。FINRA要求将可能会使经纪自营商更难推荐他们的客户购买我们的普通股，这可能会产生以下影响减少股票的交易水准，导致更少的经纪自营商愿意在我们的股票上做市，潜在地降低了股东转售我们证券的能力。

如果如果证券或行业分析师对建议做出不利改变，他们不会发布有关我们业务的研究或报告关于我们的股份，或者如果我们的经营运绩未达到他们的预期，我们的证券价格和交易量可能下降

的我们证券的交易市场将受到行业或证券分析师发布的有关我们的研究和报告的影响或者我们的生意。我们对这些分析师没有任何控制。如果一名或多名分析师停止报导我们公司或者未能定期发布有关我们的报告，我们可能会失去在金融市场的知名度，这反过来又可能导致我们的股价下跌或交易量下降。此外，如果一位或多位报导我们的分析师下调了我们的股票评级，或者我们的运营运绩如果没有达到他们的预期，我们的证券价格可能会下跌。

项目 10点。未解决的工作人员评论

不适用因

项目 1C.网络安全

网络安全风险管理和策略

我们已制定并实施网络安全风险管理计划，旨在保护机密性、完整性和可用性我们的关键系统和信息。

我们根据国家标准与技术研究院网络安全框架特别出版物设计和评估我们的计划 800-53、800-61，版本2（「NISt CSF）。这并不意味著我们遇到任何特定的技术标准、规范或要求。我们使用NISt CSF作为指南来帮助我们识别、评估和管理网络安全与我们业务相关的风险。

我们网络安全风险管理计划已集成到我们的整体企业风险管理计划中，并具有共同点适用于整个企业风险管理计划到其他法律、合规、战略、运营和财务风险领域。

我们网络安全风险管理计划包括以下内容：

●

风险评估旨在帮助识别我们的关键系统、信息、产品、服务和我们更广泛的企业IT环境;

●

一安全团队主要负责管理（1）我们的网络安全风险评估流程，（2）我们的安全控制，以及 (3)我们对网络安全事件的反应;

	●	的在适当的情况下使用外部服务提供商来评估、测试或以其他方式协助我们的安全控制的各个方面;

	●	网络安全对我们的员工、事件响应人员和高级管理人员进行意识培训;以及

	●	一网络安全事件响应计划，包括应对网络安全事件的程式。

无法保证我们的网络安全风险管理计划和流程（包括我们的政策），控制或程式将得到充分实施、遵守或有效保护我们的系统和信息。

我们尚未发现已知网络安全威胁的风险，包括之前任何网络安全事件造成的风险，对我们产生重大影响或合理可能对我们产生重大影响的信息，包括我们的运营、业务战略、运营或财务状况。欲了解更多信息，请参阅 项目 1A：风险因素 进一步了解网络攻击相关风险。

网络安全治理

我们的董事会将网络安全风险视为其网络安全风险监督职能的一部分，其他信息技术风险。

的审计委员会监督管理层对我们网络安全风险管理计划的实施，并接收有关至少每年向管理层提交一次网络安全风险管理计划。此外，管理层还更新了审计委员会关于任何重大或重大网络安全事件以及影响较小的事件必要时有潜力。

的审计委员会每年向董事会全体会议报告网络安全情况。董事会全体成员还收到来自外部网络安全专家，作为董事会就影响公众的主题继续教育的一部分企业

正在进行风险

我们未经历任何重大网络安全事件。我们尚未发现已知网络安全威胁的风险，包括由于之前任何网络安全事件对我们产生了重大影响，包括我们的运营、业务策略、结果运营或财务状况。有关网络安全相关风险的更多信息，请参阅本年度第1A项风险因素表格10-k报告。

风险管理与战略

的公司认识到网络安全在保护敏感信息、保持运营弹性、保护利益相关者的利益。该网络安全政策旨在建立一个全面的框架，用于识别、评估、缓解和应对整个组织的网络安全风险。

的公司正在制定网络安全政策，该政策实施协议来评估、识别和解决重大问题风险，包括网络安全威胁带来的风险。该策略包括使用标准流量监控工具，教育人员识别和报告异常活动，并与有能力维护安全的信誉良好的服务提供商合作相当于或超过我们自己的标准。

这些措施将无缝集成到我们更广泛的运营风险管理框架中，旨在最大限度地减少不必要的风险我们运营中的风险。对于网络安全，我们与专家顾问和第三方服务提供商合作实施行业标准策略，旨在识别和缓解我们系统内的潜在威胁或漏洞。此外，该政策战略将制定全面的网络危机应对计划来管理高严重性安全事件，确保高效整个组织的协调。

网络安全威胁并未对我们的运营产生重大影响，我们预计此类风险不会对我们的业务产生重大影响，战略、财务状况或运营结果。然而，鉴于网络威胁日益复杂，我们的预防措施措施可能并不总是足够的。尽管有精心设计的控制措施，但我们承认无法预见所有安全漏洞，包括这些问题源于第三方滥用人工智能技术，以及实施及时预防措施的潜在挑战。请请参阅第1A项：风险因素，以进一步了解网络攻击相关风险。

首席财务官将监督我们的信息安全计划，包括网络安全计划，并集成到我们的网络安全事件响应流程中。审计委员会在公司管理层、董事会和外部顾问的支持下监督网络安全风险管理活动。我们根据潜在影响评估风险并优先考虑风险，实施技术控制并监控第三方供应商的安全性实践

项目 2.性能

作为截至2023年12月31日，该公司是以下制造设施和办公室不可撤销经营租赁的一方空间：

位置	目的	初始期限（月）	租赁失效日期
8201 E. 34^这是 Cir N 套房 1307 威奇托，堪萨斯	制造设施和公司总部	36	2026年10月31日
日内瓦38号公路 1033洛桑河畔切索，瑞士	分销和组装设施和办事处	60	2028年4月30日
北纬1300度。北湖路华盛顿州西雅图（分包）	办公室	60	2026年1月

作为截至2023年12月31日，该公司持有堪萨斯州威奇托、瑞士洛桑的房产;和华盛顿州西雅图的房产，代表不可撤销公司因2021年对senseFly SA的业务收购而承担租赁义务，senseFly Inc.，衡量全球公司，和MicaSense，Inc.，分别从2022年底开始，该公司一直致力于整合其业务和制造业业务从多个办事处转移到堪萨斯州威奇托和瑞士洛桑的两个集中地点。我们希望完成我们的 2024年底前进行整合工作。我们腾出了华盛顿州西雅图的办公室，并将办公室分包给第三方 2023年5月。

项目 3.法律诉讼

法律诉讼

从有时，我们可能会卷入正常业务过程中出现的诉讼和法律程式。然而，诉讼存在固有的不确定性，这些或其他事项可能会不时出现不利结果，从而损害我们的业务。尽管我们目前维持旨在涵盖专业责任和某些其他索赔的责任保险，但我们不能确保我们的保险范围足以涵盖未来针对我们的索赔所产生的责任，此类主张的结果对我们不利。超出我们保险范围的负债，包括专业人员的保险范围责任和某些其他索赔可能会对我们的业务、财务状况和经营运绩产生重大不利影响。截至2024年3月31日，据我们所知，没有针对我们的未决法律诉讼，也没有受到威胁。

项目 4.矿山安全披露

不适用因

部分 II

项目 5.注册人普通股票市场、相关股东事项和发行人购买股票证券

我们普通股目前在纽约证券交易所美国证券交易所上市，代码为「Uaves」。

的下表列出了所示期间我们普通股每股季度最高和最低收盘销售价格根据纽约证券交易所的报告，我们过去三个财年的每个季度。该表代表收盘价对于2023财年，在2024年2月9日批准的反向股票拆分之前，以及调整后的20换1反向股票根据历史进行拆分以进行比较。

2024

高分裂后

低分裂后

第一季度（至2024年3月28日）（截至2月9日后拆分， 2024年）

11.60

0.68

2023	高预裂		高分裂后		低预裂		低分裂后
一季度	$	0.58	$	11.60	$	0.35	$	7.00
二季度	$	0.50	$	10.00	$	0.22	$	4.40
三季度	$	0.26	$	5.20	$	0.16	$	3.20
四季度	$	0.18	$	3.60	$	0.10	$	2.00

2022	高预裂		高分裂后		低预裂		低分裂后
一季度	$	1.76	$	35.20		0.91	$	18.20
二季度	$	1.19	$	23.80		0.58	$	11.60
三季度	$	0.79	$	15.80		0.46	$	9.20
四季度	$	0.58	$	11.60		0.31	$	6.20

作为截至2024年3月31日，我们约有285名普通股记录的个人股东。我们相信受益人数我们普通股的所有者多于记录持有者的数量，因为我们普通股的大量股份是通过「街头名称」的行纪公司。

股息政策

我们无意在可预见的未来向我们的股东支付现金股息。我们目前打算保留所有可用资金以及未来收益（如果有的话），为我们业务的增长和发展提供资金。与我们股息相关的任何未来决定政策将由董事会酌情制定，并取决于（除其他因素外）我们的运营运绩，财务状况、资本要求、合同限制、业务前景和我们的董事会可能认为相关。

股权补偿方案

的下表列出了截至2023年12月31日财年有关我们股权薪酬计划和安排的信息。

计划类别	Number 将予发行之股份因行使未完成的选项，和限制性股票单位		加权平均行使价未行使期权和限制性股票单位		Number 股份剩余可用时间未来发行股权薪酬平面图
股权补偿计划获得批准由股东		5,558,732	$	0.90		5,959,773
股权薪酬未获得股东批准的计划		—		—		—
		5,558,732	$	0.90		5,959,773

最近出售未注册证券

对 2022年12月6日，公司向机构投资者发行并出售普通股购买证，购买最多5，000，000股公司普通股股份的行使价为每股0.44美金，可根据普通股进行调整购买令。

对 2023年3月9日，公司收到投资者通知，购买3，000个额外的F系列优先，每个额外的F系列优先以每股0.42美金的换股价转换为2，381股公司普通股和相关普通股根据F系列协议，以总购买价3，000，000美金购买最多7，142，715份额外认购证的股票认购证日期：2022年6月26日。附加令状可在发布后行使，期限为三年。2023年3月10日，公司发布并出售了附加F系列首选和附加许可证。

对 2023年6月5日，公司向三家机构投资者发行并出售 16，720，000股该公司的普通股价格为每股0.25美金，以及相关普通股授权购买最多25，080，000股股票一个行使价为每股0.38美金，可根据普通股购买证进行调整。

对 2023年11月15日，公司向投资者发行并出售11月额外认购证，以购买14，835，605股我们普通股股票的初始行使价为每股0.1247美金，可根据11月额外授权书进行调整，为总购买价格为1，850，000美金. 该公司还出售了1，500，000股Common股票股价为每股0.10美金，额外筹集了15万美金的总收益。

对 2023年11月15日，公司向Dawson发行了以0.1247美金的行使价购买1，483，560股我们普通股的期权每份认购证，道森随后将1，483，560份认购证中的1，281，796份转让给某些出售股东。

发行人购买证券

那里截至2023年12月31日止年度，公司或任何「关联买家」（定义见第2401条第18（a）（3）条）或其代表没有回购公司证券交易法。

购买发行人及其附属公司的股本证券

没有。

专案 6.[预留]

项目 7.管理层对财务状况和运营结果的讨论和分析

的以下讨论重点居间了影响我们财务状况和运营运绩的主要因素，以及我们在所述时期的流动性和资本资源。本讨论应与我们的合并财务一起阅读本表格10-k第8项中包含的声明和相关注释。本讨论包含前瞻性陈述。请参阅本年度报告第一部分中有关表格10-k和第1A项「前瞻性陈述」的解释性注释。风险讨论与这些前瞻性陈述相关的不确定性、风险和假设的因素。

概述

AgEagle^™航空系统公司(“AgEagle”或“公司”)，通过其全资子公司，积极参与在设计和交付一流的无人机、感测器和软体方面，为我们的客户解决重要问题。成立于2010年， AgEagle最初成立的目的是开创专有、专业级、固定翼无人机和基于航空图像的数据收集以及针对农业行业的分析解决方案。今天，该公司作为全球受人尊敬的市场领先者赢得了卓越的地位提供以客户为中心的先进自主无人机系统(UAS)，这些系统可在飞行硬体、感测器和软体，适用于农业、军事/国防、公共安全、测绘和公用事业/工程等。AgEagle还取得了多项监管第一，其商业专案获得了政府的批准和战术无人机超越视线(BVLOS)和/或在人类上空行动(OOP) 美国、加拿大、巴西和欧盟，并获得美国国防创新部门的蓝色无人机认证美国国防部。

AgEagle的从2018年仅生产固定翼农用无人机转变和扩张，转向提供公司认为的行业之一最好的固定翼全栈无人机解决方案于2021年达到顶峰，当时该公司收购了三家从事生产的市场领先公司供商业和政府使用的UAS机身、传感器和软体。除了强大的专有互联硬体产品组合之外和软体产品;由200多家UAS经销商组成的成熟全球网络;以及全球企业客户;这些收购 AgEagle还带来了一支极具价值的员工队伍，主要由经验丰富的工程师和技术专家组成，具有深厚的专业知识机器人、自动化、制造和数据科学领域。2022年，公司成功整合收购的三家与AgEagle合作组建一家全球公司，专注于将自动飞行性能提升到更高水平。

我们核心技术能力包括机器人和机器人系统自主性;先进的热和多光谱传感器设计和开发;嵌入式软体和硬体;安全无线数字通信和网络;轻型机身;小型UAS（「sUAS」）设计、集成和操作;动力电子和推进系统;控制和系统集成;固定翼飞行;飞行管理软体;数据捕获和分析;人机界面开发和集成任务解决方案。

AgEagle 由一支拥有多年无人机行业经验的成熟管理团队领导，目前总部位于堪萨斯州威奇托，我们在那里负责我们的传感器制造业务，我们在北卡罗来纳州罗利经营运务和无人机制造业务。此外，该公司还在瑞士洛桑开展业务和制造业务，以支持我们的国际业务活动

我们我们打算通过开发新的无人机、传感器和软体并捕捉重要的信息来发展我们的业务并保持我们的领导地位全球无人机市场的份额。此外，我们预计通过战略收购公司加速增长和扩张提供独特的技术和竞争优势，并拥有可防御的智慧财产权保护（如果适用）。

关键增长战略

我们打算通过利用我们专有的、一流的全栈无人机解决方案、行业影响力和拥有机器人、自动化、定制制造和数据科学领域专业知识的深厚人才库，以实现更大的渗透率全球无人机行业的地位-近期重点是占领农业、能源/公用事业、基础设施的更大市场份额和政府/军事垂直领域。我们希望首先在日常运营中将三个核心价值观付诸实践来实现这一目标并使它们与我们的努力保持一致，以赢得客户和行业合作伙伴的信任和持续业务：

●

好奇心 - 这促使我们在其他人没有寻找的地方寻找价值。它激励我们为客户寻找出路，了解他们目前面临或未来将面临的问题，并为他们提供最适合他们的解决方案独特的需求。

	●	激情 --这激发了我们对卓越的执著，激发了我们试难而上、攻坚克难的愿望，激发了我们的担当来满足我们客户的需求--然后超越他们。

	●	诚信 -这在AgEagle不是可选的或随情况而定-这是我们所做一切的基础，即使没有人看著。

		钥匙我们增长战略的组成部分包括：

	●	建立三个卓越的中心，在UAS软体、感测器和机身方面拥有各自的专业知识。这些卓越的中心交叉授粉想法、行业见解和技能集，以产生充分利用AgEagle经验丰富的智慧自主解决方案团队在机器人、自动化、定制制造和数据科学方面的专业知识和诀窍。

	●	交付新的创新解决方案。AgEagle的研发工作是公司的重要组成部分，我们打算继续投资于我们自己的创新，开拓新的和增强的产品和解决方案，使我们能够满足我们的客户--回应和预期他们的需求。AgEagle相信，通过投资于研究和发展，该公司可以成为提供创新的自主机器人系统和解决方案的领导者，以满足市场需求超越我们目前的目标市场，使我们能够创造新的增长机会。

	●	福斯特我们的创业文化，并继续吸引、培养和留住高技能人才。AgEagle的公司文化鼓励创新和创业精神，这有助于吸引和留住高技能专业人员。我们相信这种文化是培育创新、高技术系统解决方案的设计和开发的关键，这些解决方案使我们具有竞争优势。

	●	有效地管理我们的成长型投资组合，以创造长期价值。我们的生产和开发计划提供了大量的投资我们相信，这些机会将通过为我们的客户提供有价值的新功能来实现长期增长。我们评估每个机会独立，以及在其他投资机会的范围内，以确定其相对成本，产生回报的时机和潜力，以及由此产生的优先事项。这一过程帮助我们做出明智的决策潜在的增长资本要求，并支持我们根据相对风险和回报进行资源配置，以实现长期最大限度的创造价值，这是我们增长战略的关键目标。我们还定期审查我们的投资组合，以确定是否以及何时缩小我们对最高潜在增长机会的关注范围。

	●	增长通过收购。通过成功执行收购增长战略，我们打算在技术上进行收购先进的无人机公司和智慧财产权补充和加强了我们对市场的价值主张。我们认为通过投资补充性收购，我们可以加速收入增长并提供更广泛的创新自主飞行系统和解决方案可满足我们当前目标市场和新兴市场的专业市场需求，可以受益于人工智慧机器人技术以及数据捕获和分析方面的创新。

竞争优势

		AgEagle 相信以下属性和能力可为我们提供长期竞争优势：

	●	专有权技术、内部能力和行业经验-我们相信我们在商业无人机设计方面的十年经验和工程；内部制造、组装和测试能力；以及先进的技术开发技能让AgEagle在市场上脱颖而出。事实上，我们公司全球大约70%的员工都是工程师以及在机器人、自动化、定制制造和数据分析方面拥有丰富经验和专业知识的数据科学家。此外, AgEagle致力于达到并超过制造、组装、设计和工程的质量和安全标准在我们美国和瑞士的制造业务中测试无人机、无人机部件和相关无人机设备。结果, 我们的质量管理体系已通过ISO：9001国际认证。

	●	在……里面 2022年12月，我们推出了新的eBee™ Vision，设计了一种小型固定翼无人机为关键情报、监视提供即时、增强的态势感知和侦察任务；生产和交付EBee™愿景固定翼无人机和定制的指挥和控制软体，事实证明是相容的和完整的符合美国国防部机器人和自主系统空中互操作性规范(RAS-A 眼压“)。此外，欧洲军事力量的三个分支机构已经接收了的EBee视觉2023年的无人机。为了支持其销售和预购努力，AgEagle的团队参与了许多现场演示和强化培训课程，来自世界各地政府和军事机构的官员寻求利用的权力EBee视觉在他们各自的无人机行动中。仅在2023年7月，我们就完成了与我们的首批欧洲军事客户的全面培训课程，已确认为EBee视觉新用户的操作员和合格的培训员。这些新客户与AgEagle的技术团队确认，所有运营能力的EBee视觉在童子军方面继续达到并超过绩效基准，监控、可用性、快速部署和飞行时间，以及指定的其他用例标准被国际军事界。我们也一直在密切合作通过我们在法国、英国、波兰、义大利的增值转售合作伙伴网路和西班牙等国进行现场演示和技术交流，潜在的新客户，重点是展示EBee视觉无人驾驶飞机用于公共安全和第一反应任务、边境巡逻和广泛的商业申请。2023年9月6日，本公司宣布商业化生产 EBee视觉已经开始，系统的订单现在正在接受。在……里面 2023年5月，我们发布了新的RedEdge-P™Dual高解析度和RGB复合无人机感测器，代表著又一种 AgEagle航空成像相机的技术进步，无缝集成了RedEdge-P 和新的RedEdge-P蓝单一解决方案中的摄像头。这个RedEdge-P Dual将分析能力提高一倍单一相机工作流程的优势。它的沿海蓝色乐队--市场上第一支此类乐队--特别是设计用于水体的植被分析；环境监测；水管理；生境监测、保护和恢复；以及植被物种和杂草的识别，包括区分和计算植物、树木、入侵物种还有杂草。在……里面今年4月，AgEagle发布了现场检查对于测量地面控制移动应用程式。测量地面控制是用于无人机专案管理的完整软体即服务解决方案，可作为Web应用程式和移动应用程式使用 IOS和Android设备。该软体的功能包括任务和设备管理、飞行控制、数据处理以及分析、安全的数据存储和共享、在线协作和报告。现场检查独特的功能集使用户能够在现场审查和验证其无人机捕获的图像的质量。第一时间捕获目标图像一次访问专案站点的时间允许用户通过确保数据来消除与专案返工相关的时间损失和成本在离开现场之前，捕获已完成并准备好处理成高解析度输出。反映我们的软体开发团队卓越的解决问题的能力，栏位复选为我们的客户提供无人机的竞争优势通过避免因数据处理错误或图像不良而导致的项目重复和停工，从而实现运营和所服务的各个行业质量.

	●	我们提供经过市场测试的无人机、感测器和软体解决方案，赢得了全球客户的长期信任和忠诚 -通过在2022年成功执行我们的收购整合战略，AgEagle现在正在交付一条统一的生产线业界可信赖的无人机、感测器和软体经过多个行业的严格测试和一致验证垂直市场和用例。例如，我们的产品线EBee固定翼无人机已经在美国上空飞行了100多万次过去十年为客户提供服务的范围涵盖测绘、工程和建筑、军事/国防、采矿、采石场和总量；农业人道主义援助和环境监测，仅举几例。在100多份研究出版物上发表了专题文章在全球范围内，由AgEagle开发并商业化的先进感测器创新已为高高性能、高解析度、热成像和多光谱成像，用于商业无人机在农业、植物研究、土地管理和林业。此外，我们还支持自主开发端到端软体解决方案为众多财富500强公司、政府机构和各种机构提供可操作的上下文数据和分析农业、能源和公用事业、建筑和其他工业部门的企业。

	●	AgEagle 被美国联邦政府总务署授予多项奖励计划(MAS)合同 2023年4月，联邦政府的中央采购部门，GSA，授予我们一个五年的MAS合同。GSA时间表合同在政府承包领域是一个令人垂涎的奖项，是严格的提案过程，包括政府机构对产品和服务需求的演示，以及谈判他们的价格、资格、条款和条件。通过GSA合同销售的承包商经过仔细审查，必须在该行业有良好的业绩记录。我们相信，这将有助于推动我们实现更深层次渗透的努力。在接下来的五年里，政府部门的改革。

	●	我们的 EBee TAC^™ 无人机已获得国防创新部门(DIU)的批准，可供国防部采购防御部-我们相信，EBee TAC非常适合成为满足需求的任务关键型工具美国军方、政府和民事机构以及我们在世界各地的盟友；并预计这将被证明是一个主要的增长催化剂对我们公司2022年的业绩产生积极影响，对我们未来几年的财务业绩产生积极影响。EBee TAC可供购买由美国政府机构和军队所有部门按照GSA时间表合同#47QTCA18D003G进行，由Hexagon US Federal提供与Tough Stump Technologies合作，作为独立解决方案或航空侦察战术边缘测绘图像的一部分系统(“Artemis”)。Tough Stump积极参与训练驻扎在美国和中部的军事地面部队欧洲关于英语的用法EBee TAC用于中程战术测绘和侦察任务。

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Our eBee^™ X series of fixed wing UAS, including the eBee X, eBee Geo and eBee TAC, are the first and only drones on the market to comply with Category 3 of the sUAS Over People rules published by the FAA. It is another important testament of our commitment to providing best-in-class solutions to our commercial customers, and we believe it will serve as a key driver in the growth of eBee utilization in the United States. We further believe it will improve the business applications made possible by our drone platform for a wide range of commercial enterprises which stand to benefit from adoption of drones in their businesses – particularly those in industries such as insurance for assessment of storm damage, telecommunications for network coverage mapping and energy for powerline and pipeline inspections, just to name a few.

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我们的 EBee X该系列无人机是世界上第一款接受设计的无人机欧洲航空安全局(“EASA”)对BVLOS和OOP的验证。 EASA设计验证报告表明，EBee X遇上最高可能的质量和地面风险安全标准，并由于其轻便的设计，减少了地面撞击的影响。因此，无人机操作员正在进行先进的无人机在27个欧洲成员国、冰岛、列支敦士登、挪威和瑞士开展业务无需额外验证即可获得M2缓解的高或中等稳健性级别来自EASA。与BVLOS和OOP限制有关的监管限制仍在继续成为商业无人机技术在全球范围内广泛采用的一个制约因素全球范围内的一系列行业。成为第一家从EASA获得这款DVR的公司对于缓解M2是AgEagle和我们的行业在欧盟的一个里程碑，并将成为推动我们国际客户群增长的关键。

		\|In 2022年8月，我们宣布EBee X、eBee GEO和EBee AG是第一个商用无人机将按照以下规定指定C2类别识别标签 EASA的规定。截至2022年8月22日，飞行C2的无人机操作员标记EBeeS是能够执行“开放类别”的任务，具备以下所有优势这就需要。C2认证允许EBee X系列，带有正确的标签，在水准距离30米的距离上飞行，远离没有牵涉其中的人。相比之下，重型无人机就像VTOL或四轴飞行器一样，必须与人和任何住宅保持150米的距离，商业、工业和娱乐区，将其业务能力限制为偏远地区。

		在……里面 2023年10月初，EBee X一系列无人机被指定为C6级识别标签，符合欧盟法规。截至2024年1月1日，C6标签的无人机操作员EBeeS将能够超越视觉在人烟稀少的环境中，利用空域观察员在受控地面区域上空进行视线(BVLOS)操作在整个欧洲。运营商只需向适用的国家航空管理局提交一份必要的声明，并注明它们是否打算按照欧洲标准情景(“STS-”)01或STS-02执行飞行任务。包含性在我们的C2标记旁边的C6标记EBee无人机将显著增强我们欧洲客户的市场优势。它允许进入重量超过4公斤的无人机的区域和操作模式，所有这些都不需要正式许可或监管豁免。目前，只有EBee无人机同时拥有C2和C6标志，确认了它们是最安全的用于飞越人员和进行BVLOS操作的选择。

	●	我们的全球经销商网路目前在75个以上的国家和地区拥有200多家无人机解决方案提供商-通过利用我们的关系凭借构成我们全球经销商网路的专业零售商，AgEagle受益于增强的品牌建设，降低了客户数量收购成本和扩大的覆盖范围、收入以及地理和垂直市场渗透率。随著我们2021年的整合收购，我们现在可以利用我们的集体经销商网路，通过教育和鼓励我们的合作伙伴将AgEagle的全套机身、感测器和软体作为捆绑解决方案进行营销，而不是以前的营销将孤立的产品或产品线提供给最终用户。

		在……里面 2022年底，我们与政府承包商Darley合作，扩大了AgEagle高性能固定翼的市场覆盖范围无人机和感测器供应给美国的第一反应和战术防御市场。作为国家历史最悠久的城市之一而闻名作为政府合同组织，Darley有望成为AgEagle成功提供同类最佳产品的关键贡献者为多个州和联盟机构提供UAS解决方案。为公共安全提供一流的自主飞行解决方案通过像Darley这样值得信赖的经销商提供的应用程式对AgEagle来说是一个全新的市场机会，我们也打算这样做在新的一年里大力推进。

影响我们业务运营的风险和不确定性

全球经济挑战，包括战争的影响、流行病、通胀上升和供应链中断、监管调查不利的劳动力和资本市场状况可能会导致经济的不确定性和波动性。上述风险及其各自对无人机行业以及我们的运营和财务业绩的影响仍然不确定，超出了我们的控制范围。具体来说，由于上述持续风险，我们获得制造其专有产品所需零部件的能力无人机和传感器以及执行质量测试已经并将继续受到影响。如果我们或我们的任何第三方在我们制造和组装过程中使用的材料的供应链中，我们的供应链继续受到不利影响可能会进一步中断，限制其制造和组装产品的能力。

关键会计政策及估计

我们的管理层对我们的财务状况和经营结果的讨论和分析是基于我们的综合财务根据美国(“美国”)公认的会计原则编制的报表公认会计原则“)。编制这些合并财务报表需要管理层作出估计和假设，以影响在合并财务之日报告的资产和负债额、或有资产和负债的披露报告所述期间的报表和报告的收入和支出数额。重要的估计数包括陈旧存货、为服务和股票期权发行的股票的估值、无形资产的估值以及递延的对资产征税。在持续的基础上，我们评估我们的估计和假设。我们的估计是基于历史经验和各种不同的我们认为在该情况下是合理的其他因素，其结果构成判断的基础资产和负债的账面价值，从其他来源看不出来。我们的实际结果可能与这些不同在不同的假设或条件下的估计。

我们相信以下关键会计估计会影响编制合并时使用的更重要判断和估计财务报表。请参阅我们的合并财务报表附注2，包含在第8项「财务报表」中和补充数据」，作为我们的重要会计政策摘要。并无重大合并财务报表列报期间对关键会计估计做出的变更。

收入识别

最该公司的收入主要来自无人机、传感器和相关配件的销售以及软体订阅。所有合同和协议均为固定价格，并根据ASC主题606进行核算， 来自与客户签订合同的收入顾客.

的公司通常在履行义务后确认向客户、经销商和分销商的销售收入，通常发生在控制权转移给客户后，即根据特定的运输条款运输或交付产品时并且（在适用的情况下）已获得客户的接受。公司在经营报表和综合报表中记录收入损失，扣除政府当局对特定销售交易征收的任何销售、使用、增值税或某些消费税并扣除任何折扣、津贴和退货。

下固定价格合同，公司同意以预定价格执行指定工作。就公司的实际成本与谈判价格时的估计不同，会产生或多或少的利润或可能产生损失。公司在合同得到安排各方批准后对合同进行核算，确定各方的权利，付款条件已确定，合同具有商业实质且对价有可能收取。

此外，公司完成履行义务之前收到的客户付款记录为合同负债。客户押金代表客户预付款，并在销售或履行义务期限完成时确认为收入。

的公司对其平台的软体订阅， 大麻概述和地面控制，通过订阅提供基础这些订阅费在提供服务时在每个每月会员期内按比例确认。

库存和报废准备金

我们库存估值政策，包括确定过时库存，要求我们对以下内容进行详细评估每个资产负债表日期的库存，其中包括对产品未来需求的估计等因素的审查具体的时间范围、现有库存的估值以及产品生命周期和产品开发计划。库存储备还提供以涵盖缓慢流动物品产生的风险。我们减记库存以估计报废或无法销售库存等于库存成本与基于未来假设的估计可变现净值之间的差额需求和市场状况。如果实际市场状况不佳，我们可能会被要求记录额外的库存减记比我们管理层的预测要高。

商誉和无形资产

的被收购企业的资产和负债按照收购会计法按其估计公允价值记录于收购之日。善意指超出分配给以下资产的公允价值的成本收购的企业。来自收购企业的无形资产按收购日的公允价值确认，包括客户程式、商标、客户关系、技术和其他无形资产。客户计划包括分配给主要的价值观收购企业的计划并代表与客户关系、合同、技术和相关计划的商标，并在预期现金流期间以直线法摊销衡量公允价值，范围从四到五年不等。

AS 截至2023年12月31日及2022年12月31日，在扣除截至12月31日止年度确认的商誉减值费用后，我们的商誉余额分别为740万及2 320万分别为15800美元万和4,170美元万的31、2023年和2022年。我们执行年度减值在第四季度至少每年测试一次我们的商誉，或在事件或情况变化表明的时候更频繁地测试我们的商誉商誉的账面价值可能会减值。这种事件或情况的变化可能包括总体上的显著恶化经济状况、本行业营商环境变化、市值下降、经营业绩指标、竞争，重组我们的业务。我们的商誉已被分配，并已按所述水准进行减值测试作为业务部门。我们测试商誉减值的水准要求我们确定以下操作是否业务细分构成了一个自给自足的业务，可以获得离散的财务资讯，并定期进行细分管理审查被称为报告单位的经营结果。

我们在测试商誉时，使用量化的方法。为了执行量化减值测试，我们比较报告的公允价值单位的账面价值，包括商誉。如果报告单位的公允价值超过其账面价值，报告的商誉单位未受损。如果报告单位的账面价值，包括商誉，超过其公允价值，商誉减值损失确认的金额等于超出的数额。我们通常使用组合方法来估计每个报告单位的公允价值。贴现现金流(DCF)分析和基于市场的估值方法，如可比上市公司交易在最近的商业收购中观察到的价值和价值。确定公允价值需要作出重大判断，包括预期未来现金流、长期增长率、贴现率和相关上市公司可比收益的数额和时间倍数和相关交易倍数。贴现现金流分析中使用的现金流是基于我们对未来销售额的最佳估计，在考虑了一般市场状况、现有确定订单、预期未来订单、变化等因素后的收益和现金流在营运资金、长期业务计划和近期经营业绩方面。

作为于2023年12月31日，我们对三个报告单位进行了年度善意减损测试。我们年度减损的结果测试表明传感器报告单元的公允价值和SaaS报告单元的公允价值低于其公允价值，表明存在减损。截至2023年12月31日，公司录得总计15.8美金的善意减损费用两个受损的报告单位的价值为百万美金。该减损费用基于报告单位的公允价值超出他们的公平价值观。

作为于2022年12月31日，我们对三个报告单位进行了年度善意减损测试。我们年度减损的结果测试表明传感器报告单元的公允价值超过了其持有金额，而SaaS和无人机的公允价值报告单位低于其公允价值，表明存在损失。截至2022年12月31日，公司累计两个受损报告单位的善意减损费用为4170美金。该减损费用是基于超额结转报告单位的价值超过其公允价值。

有限生命的无形资产是在适用的使用年限内摊销至费用，根据资产的性质和未来现金净流入所反映的潜在经济效益模式。我们对有限寿命进行了损伤测试当事件或环境变化表明无形资产的账面价值可能会减值时，无形资产就会减值。如果中的事件或更改情况表明，有限寿命无形资产的账面价值可能会减值，即未贴现的未来现金的总和。预期因使用该资产组而产生的流量将与该资产组的账面价值进行比较。如果该资产如果集团的账面金额超过未贴现的未来现金流量之和，我们将确定该资产的公允价值将减值损失归类并计入净收益。截至2023年12月31日和2022年12月31日的无形资产余额为260万美元万和万分别为1,150美元。此外，截至2023年12月31日，公司记录的无形资产减值总额为 590美元万，2022年同期没有记录无形减值。

股份赔偿裁决额

的我们为发行的期权分配的价值基于布莱克-斯科尔斯定价模型计算的公平市场价值。执行计算我们期权的价值，我们确定对我们股票波动性的估计。我们需要估计波动性，因为我们的股票交易还不够，无法确定适当的波动性衡量标准。我们相信我们对波动性的估计是合理的，每当我们发行新的股权工具时，我们都会审查用于确定这一点的假设。如果我们有重大错误在我们对股票波动性的估计中，我们的费用可能被低估或夸大。所有基于股份的奖励均列为费用在期权的归属期内以直线法计算。

结果行动

年截至2023年12月31日与截至2022年12月31日的年度相比

收入

为截至2023年12月31日止年度，收入为1370卢比，而截至2022年12月31日止年度为1910卢比，减少540美金，即28.3%。收入下降主要是由于 EBee 360美金的无人机产品，到 RedEdge-P和Altum-PT™多色传感器售价160美金和20美金，与我们的SaaS订阅服务相关我们 大麻概述和地面控制 平台对于无人机来说，下降归因于客户推迟了无人机购买直到新的eBee SYS发布并于2023年12月发布;对于传感器，下降归因于确保零部件融资以满足需求，同时利用运营资本加快eBee Vision的完成。因此，该公司因延迟履行而出现延迟或销售损失。

的部署传感器业务的资本并减少较小创收SaaS业务的劳动力这直接导致了2023年整体业务的下滑，因为管理层安排资源加快eBee Vision的推出，管理传感器积压。我们的持续创新证明了我们销售额的增长，导致了对我们产品的强劲需求，特别是对于我们的全彩色传感器系列来说，我们新发布的SYS无人机产品的延迟抵消了这一增长，现场检查测量地面控制移动应用程式，我们刚刚开始向市场提供该应用程式。因此，我们的业务继续受到供应链限制、鹰派央行活动、不利的劳动力市场状况的负面影响以及我们股票的市场估值下降。

成本销售

为截至2023年12月31日止年度，销售成本为830加元，而2022年为1，090加元，减少了2.6美金 00万人，即23.9%。导致我们销售成本和毛利率下降的主要因素是由于我们的传感器和无人机产品的收入下降，第二季度中期大幅降价以刺激市场需求并使我们与中国制造的竞争产品保持一致，并清理库存，为的推出 eBee Vision。 此外，我们的传感器销售继续承受供应链压力，因为原成分的增加，劳动力成本和缺乏流程自动化。

毛利润

为截至2023年12月31日的十二个月，毛利润为550卢比，而截至12月的十二个月为820卢比 2022年31日，减少270美金，跌幅32.9%。截至2023年12月31日的十二个月，毛利率为39.8% 截至2022年12月31日的十二个月内，增幅为43.0%。毛利率下降主要由价格大幅推动减少第二季度中期，以刺激市场需求，使我们与中国制造的竞争产品保持一致，清理库存，为推出 EBee视觉.此外，我们的传感器销售继续经历供应由于原部件增加、劳动力成本和缺乏流程自动化，链条压力。

一般及行政开支

为截至2023年12月31日的年度，一般和行政费用为1，360卢比，而上一年度为1，780卢比截至2022年12月31日的一年，减少了420美金，即23.6%。下降主要是由于 2021年业务收购的持续整合，整合成本主要来自到期租赁费用办公室组合、由于角色整合、企业资源规划咨询整合而减少员工薪资相关成本成本、减少研发顾问、减少股票薪酬成本被增加股东年会所抵消成本

研究和发展

为截至2023年12月31日的十二个月，研发费用为550卢比，而十二个月的研发费用为810卢比截至2022年12月31日的月份，减少了260美金，即32.1%。下降主要是由于研究和开发团队提供新机身、传感器和软体技术的开发，从而减少我们的顾问人数和内部人员。

销售额和市场营销

为截至2023年12月31日的十二个月，销售和营销费用为370卢比，而十二个月的销售和营销费用为490卢比截至2022年12月31日的月份减少了120美金，即24.5%。减少主要是由于人数减少、差旅减少，贸易展、一般营销活动以及咨询费用的减少被面对面演示的增加所抵消，特别是为新 ebee Vison.

减值

商誉减值

为截至2023年12月31日的十二个月内，善意损失为1580日元。该损失主要归因于该公司的声誉与我们的SaaS和传感器报告部门有关，特别是由于销售额低于预期销售额以及销售额下降市场情况截至2022年12月31日的12个月内，该公司录得4170加元的善意损失，即主要归因于2022年第四季度记录的与我们的SaaS和无人机报告部门相关的声誉损失。这是由于销售额低于预期销售额和盈利能力、市场状况下降、股价下跌以及eBee无人机SYS发射的延迟。该公司向这两个报告单位记录了2900美金和1270美金的损失，分别为第四季度和截至2022年12月31日的年度。

无形减值

的 2023年第四季度进行的年度无形损失表明SaaS和公司的公允价值无人机报告单位低于其实际价值。因此，该公司对SaaS和无人机部门记录了一笔减损费用分别为240美金和350美金，已计入随附综合报表的「减损」中经营和综合损失。

其他收入（费用），净

为截至2023年12月31日止年度，公司其他净收入为330日元，而利润为600日元截至2022年12月31日的年度。930美金的波动主要是由于2022年第三季度确认6.5美金与我们收购相关的保留负债减少相关的债务消除产生百万美金非现金收益 2023年未确认的senseFly和MicaSense，加上债务消灭损失和商业本票利息总计190日元，2023年本年度利息费用比上一年增加90日元。

净亏损

为截至2023年12月31日止年度，公司净亏损为4240卢比，而净亏损为5830卢比截至2022年12月31日的年度，亏损减少1590日元，即27.3%。总体而言，净亏损减少主要是由于 2790美金意味著2022年至2023年运营费用减少。这被利息费用增加90美金所抵消，并由于2022年第三季度确认了与减少保留相关的债务消除的650美金非现金收益与我们收购senseFly和MicaSense有关的负债在2023年未确认，加上债务损失商业本票的没收和利息为190加元。

现金流动

十二截至2023年12月31日的月份与截至2022年12月31日的十二个月相比

作为截至2023年12月31日，手头现金为80卢比，比截至12月的430卢比减少了350卢比，降幅为81.4% 2022年31日。截至2023年12月31日止年度，运营中使用的现金为1100日元，比2023年12月31日减少880日元截至2022年12月31日的年度为1980美金。经营活动使用的现金减少主要是由于销售和运营费用，包括大幅降低的库存采购、发票、应付帐款、应计费用和合同负债。

为截至2023年12月31日止年度，投资活动使用的现金为80日元，比8.4美金减少了760日元截至2022年12月31日的年度为百万美金。我们投资活动中使用的现金减少主要是由于业务 2022年收购MicaSense和senseFly，平台和内部使用软体成本随著购买而下降财产和设备。

为截至2023年12月31日止年度，融资活动提供的现金为860卢比，相比减少890卢比，即50.9% 截至2022年12月31日的十二个月内提供的1750美金现金。我们的融资活动提供的现金减少是由于之前通过市场上（「ATM」）发行和期权行使销售我们的普通股减少这一年被出售的F系列优先股普通股和令状所抵消。

流动性和资本资源

作为截至2023年12月31日，我们的营运资本赤字为50日元。截至2023年12月31日止年度，我们出现了以下亏损运营额为4240日元，比截至2022年12月31日止年度的5830日元减少了1590日元。此外，我们在经营活动中使用现金为1100日元，与当年的1980日元相比减少了880日元截至2022年12月31日。

期间截至2023年12月31日的十二个月内，我们通过额外出售F系列优先股筹集了880美金的股权，发行我们的普通股并转换认购权。

为截至2022年12月30日的十二个月里，我们与联合代理人一起发行ATM，筹集了约460加元的净收益 Stifel，Nicolaus & Company，Incorporated和Raymond James & Associates。

我们对流动性的主要需求是为我们业务的运营资本需求、资本支出、收购、债务偿还，并用于一般企业目的。我们的主要流动性来源是融资活动和私募产生的资金。我们为运营提供资金、进行计划资本支出、进行计划收购、进行计划债务偿还的能力，偿还或再融资债务取决于我们未来的经营运绩和现金流，这取决于当前经济状况条件以及财务、业务和其他因素，其中一些超出了我们的控制范围。

如果该公司无法在短期内实现大幅销售增长并筹集额外资本，该公司存在可能拖欠额外义务;并且可能被要求停止或大幅缩小其运营范围，如果没有其他可用的融资运营手段。合并财务报表不包括与以下事项相关的任何调整记录资产金额的可收回性和分类或负债金额和分类或任何其他调整如果公司无法继续经营，这可能是必要的。该公司正在评估战略，以获得需要为未来的运营和运营重组提供额外资金，以增加收入并减少费用。

外纸张排列

对 2023年12月31日，我们没有任何具有或合理可能具有当前或未来的表外安排对我们财务状况的影响、财务状况、收入或费用的变化、经营结果、流动性、资本支出或资本资源。自成立以来，除标准经营租赁外，我们没有参与任何表外安排，包括使用结构性融资、特殊目的实体或可变利益实体。我们没有表外安排对我们的财务状况、财务状况变化、收入产生或合理可能产生影响的或对股东重要的费用、经营结果、流动性、资本支出或资本资源。

合同义务

材料正常业务过程中产生的合同义务主要包括贷款的本金和利息支付根据瑞士的新冠计划，固定福利计划义务、经营租赁的本金和利息支付以及其他购买义务。截至12月31日的未偿还金额请参阅合并财务报表附注7、10、12和13， 2023年，这些合同义务。

通胀

期间截至2023年12月31日的一年，通货膨胀对无人机系统行业、我们的客户、以及我们在全球的业务。具体来说，我们能够访问制造专有无人机所需的零部件和零件和传感器以及执行质量测试已经并将继续受到影响。如果公司或任何第三方在我们制造和组装过程中使用的材料的供应链中，我们的供应链继续受到不利影响可能会进一步中断，限制其制造和组装产品的能力。此外，更高的最终影响政府赤字和债务、收紧的货币政策以及可能更高的长期利率可能会推高融资成本未来的资本。

气候变化

我们的观点是，气候变化，以及与气候变化相关的政府法规，都没有，或预计会对我们的运营产生任何重大负面影响。一般来说，无人机可以提高效率、提高安全性、节省成本，并扩大在各个行业的应用，为气候带来净效益。我们一般无人机与飞机、汽车和水蒸发等其他车辆相比，每个包装的能源消耗低94% 使它们成为更环保的选择因为它们是无人驾驶的，并且需要更少的能源可以俯瞰大面积。

然而，我们确实注意到，无人机使用的电池可能对环境有害。这些电池的处理因为废物涉及铅和其他对土地、水和植被有害的有毒物质。如果我们的无人机撞上敏感的栖息地或自然资源，它可能会造成破坏，甚至将污染物引入生态系统。我们处理潜在的污染物通过全球国家和地方当局制定的程式。

无人机行业受到多种形式的环境监管，包括但不限于监管危险物质以及与气候变化相关的其他风险。遵守更严格环境法规的成本，未能遵守现有或未来的法规或未能以其他方式有效管理气候变化风险可能会导致对我们的业务造成重大不利影响。我们运营的许多方面都受到不断变化和日益严格的联邦，管理环境保护的州、地方和国际法律。遵守现有和未来的环境法律和法规可能需要资本投资并增加运营成本，违规行为可能导致巨额罚款和处罚以及声誉伤害目前无法预测这些立法和监管发展对我们公司的最终影响和相关成本时间

新会计声明

对 2023年1月1日，公司采用会计准则更新2016-13金融工具-信用损失（主题326）：金融工具信用损失的衡量（ASC 326）。该标准将发生损失方法替换为预期损失方法，称为当前预期信用损失（「CESL」）方法。CMEL需要使用历史经验、当前条件、以及合理且有支持性的预测，通常适用于以摊销成本计量的金融资产，包括贷款应收帐款和持有至到期债务证券，以及一些表外信贷风险，例如无资金的延期承诺信用以摊余成本计量的金融资产将使用预期收取的净额呈列信用损失备抵。

的公司采用修改后的追溯法采用ASC 326及其所有相关后续修订，于2023年1月1日生效适用于所有按摊销成本和资产负债表外信用风险计量的金融资产。

那里财务会计准则委员会最近发布的某些更新，其中大部分代表技术性对会计文献的更正或对特定行业的应用，预计不会对会计文献产生重大影响公司的合并财务状况、经营运绩或现金流量。

项目 7A.关于市场风险的定量和证明性披露

作为作为法规S-k第10项定义的「小型报告公司」，我们无需提供所需的信息由此项目。

项目 8.财务报表和补充数据

我们财务报表包含在F-1至F-59页中，出现在本年度报告10-k表格的末尾。

项目 9.会计和财务披露方面的变更和与公证的分歧

没有。

项目 9A.控制和程式

评价披露和控制程式

的公司执行长和公司财务长评估了截至2023年12月31日公司的披露控制和程式，并得出结论，公司的披露控制和程式不有效。术语 披露控制及程式 意味著控制和其他程式旨在确保公司在其提交或提交的报告中披露要求披露的信息根据经修订的1934年证券交易法，累积、记录、处理、总结并传达给公司管理层，包括其执行长和财务长，或履行类似职责的人员职能，酌情允许在规定的时间内及时报告有关所需披露的决定在美国证券交易委员会的规则和表格中。

管理层的关于财务报告内部控制的报告

的公司管理层负责建立和维护适当的财务报告内部控制系统，如《交易法》第13 a-15（f）条所定义。公司对财务报告的内部控制旨在提供合理保证财务报告的可靠性和财务报表的编制公认会计原则（「美国公认会计原则」）。

因为由于其固有的局限性，财务报告内部控制制度只能为这种可靠性提供合理的保证并且可能无法防止或检测错误陈述。此外，对未来时期的任何有效性评估的预测均须遵守由于条件变化或对政策或程式的遵守程度而导致控制措施变得不充分的风险可能会恶化。

管理在执行长和财务长的参与下，对截至2023年12月31日，我们对财务报告的内部控制的有效性。管理层对内部的评估对财务报告的控制使用了SEC第33-8810版中规定的标准，基于特雷德韦委员会赞助组织委员会（「COSO」） 财务内部控制报告-小型上市公司指南。 根据这一评估，管理层得出的结论是，我们的系统根据这些标准，截至2023年12月31日，财务报告内部控制尚未生效。

这 10-k表格年度报告不包括我们的独立特许会计师事务所关于内部的认证报告对财务报告的控制。作为一家规模较小的报告公司，我们的管理层报告无需我们的认证根据美国证券交易委员会的规则注册的公证事务所，该规则允许我们仅提供管理层的次报告.

变化财务报告内部控制中

那里如果我们对财务报告的内部控制（如《交易法》第13 a-15（t）条和第15 d-15（f）条所定义）没有发生变化，截至2023年12月31日止年度，对我们的内部控制产生重大影响或合理可能产生重大影响关于财务报告。

财务报告的重大弱点

在准备我们的截至2024年9月30日止期间的中期简明合并财务报表，管理层发现了重大弱点在我们与计算归属于普通股股东的净亏损相关的内部控制中，导致低估了我们的综合经营报表和全面亏损中呈现的每股亏损（「每股盈利」）。除了有每股收益计算错误、应计股息和视为股息被纳入其他全面亏损的组成部分，而不是包括在归属于普通股股东的净亏损中。

我们已修改受影响的文件通过这个识别的错误。公司还聘请了一名具有会计技术专业知识的外部顾问来协助公司具有重大和异常交易的技术文档和会计核算。

项目 90。其他信息

内幕交易计划

截至2023年12月31日止年度，公司无董事或高级管理人员通过或终止一条「规则 10-b5-1交易安排」或「非规则10 b5 -1交易安排」，每个术语均在法规第408（a）项中定义 S-K

项目 9C.关于防止检查的外国司法管辖区的披露

没有。

部分 III

项目 10.董事、执行人员和企业治理

的本项所需的信息通过参考我们2024年股东年度会议的最终委托声明而纳入将于2023年12月31日起120天内向SEC提交（我们的「代理声明」）。

项目 11.高管薪酬

的本项所需的信息将在标题为「高管薪酬「在我们的代理中声明并通过引用纳入本报告。

项目 12.某些受益人和股东的证券所有权以及相关股东事项

的本项所需的信息将在标题为「某些受益所有人和管理层的担保所有权及相关股东事宜「在我们的代理声明中，并由。

有关我们股权薪酬计划的信息将在标题为「」的部分中列出执行补偿「在我们的委托声明中，并通过引用纳入本报告。

项目 13.某些关系和相关交易以及董事独立性

的本项所需的信息将在标题为「与关联人的交易「在我们的代理声明中并通过引用纳入本报告。

项目 14.主要会计费用和服务

的本项所需的信息将在标题为「-」的部分中列出批准独立注册公众的选择公证事务所「在我们的委托声明中，并通过引用纳入本报告。

部分 IV

项目 15.展览、财务报表、日程表

展品不是的。		描述
3.1		经修订和重新修订的现行公司章程(参考2008年8月14日提交的10-Q表格的附件3.1并入)
3.2		2014年5月29日提交给内华达州国务卿的公司章程修正案证书(通过引用合并于此，作为2023年4月4日提交的10-k表格年度报告的附件3.2)
3.3		证书《公司章程修正案》(以引用方式并入，作为4月4日提交的年度报告表10-k上的附件3.3， 2023年)
3.4		证书 B系列可转换优先股的优先股、权利和限制的指定(通过引用合并于此 2015年3月11日提交的当前报表8-k的附件4.1)
3.5		证书于2017年4月27日向内华达州州务卿提交的C系列优先股指定表(通过引用合并于此至2017年4月28日提交的8-k表格当前报告的附件3.1)
3.6		修正案 C系列优先股指定证书(通过引用3月8-k表格中的附件3.3合并而成 2018年9月29日)
3.7		A系列优先股指定证书(通过参考2011年1月6日提交的8-k表格的附件4.1并入)
3.8		已修订和10%系列可赎回永久优先股的优惠、权利和限制指定证书股票(参考2018年3月29日提交的8-k表格的附件3.1并入)
3.9		证书关于修改和重新指定10%系列A的优先、权利和限制证书的修正案永久优先股(通过参考2018年3月29日提交的8-k表格中的附件3.2合并)
3.10		证书《Energex Resources，Inc.公司章程修正案》，以更改公司名称(以引用方式合并至2018年3月29日提交的Form 8-k的附件3.4)
3.11		证书修订EnerJex Resources，Inc.的公司章程，以实现25股1股的反向股票拆分(由参考2018年3月29日提交的表格8-k的附件3.5)
3.12		文章由AgEagle AIR Systems，Inc.和AgEagle Merge Sub，Inc.之间的合并，日期为2018年3月26日(通过引用合并摘自2018年3月29日提交的Form 8-k表3.6)
3.13		第二经修订和重新修订的现行章程(通过引用1月25日提交的表格8-k中的附件3.1并入， 2023年)
3.14		2018年12月26日向内华达州州务卿提交的D系列8%优先股指定证书(通过参考2023年4月4日提交的当前报告10-k表的附件3.1并入本文)
3.15		证书于2020年4月2日向内华达州州务卿提交的E系列可转换优先股的指定(合并在此参考2020年4月8日提交的本报告8-k表的附件3.1)
3.16		证书于2022年6月29日向内华达州州务卿提交的F系列5%可转换优先股的名称(合并在此参考2022年6月30日提交的表格8-k的当前报告的附件3.1)
3.17		公司章程的公司成立证书(通过参考2024年2月9日提交的8-k表格的当前报告的附件3.1并入本文)
4.1*		描述注册人的证券
4.2		预付资金普通股认购权证(参照于2021年1月5日提交的表格8-k中的附件4.1注册成立)
4.3		普普通通股票认购权证(通过引用2022年6月30日提交的8-k表格当前报告的附件4.1并入本文)
4.4		普普通通股票认购权证(通过引用2022年12月6日提交的8-k表格当前报告的附件4.1并入本文)
4.5		普普通通股票认购权证(通过引用2023年3月14日提交的8-k表格当前报告的附件4.1并入本文)
4.6		普通股购买令（参考2023年6月6日提交的8-k表格当前报告的附件4.1纳入本文）
4.7		表格普通股认购权证(通过参考2023年11月16日提交的8-k表格附件4.1合并而成)
4.8		表格配售代理认股权证(结合于2023年11月16日提交的表格8-k的附件4.2)

10.1+		2017年注册人股权激励计划(参照S-1(注册表)注册表注册说明书注册成立表格333-226324) (最初提交于2018年7月24日)
10.2		租赁 AgEagle AIR Systems Inc.和美国商业中心有限责任公司之间于2020年8月3日签署的协定(合并于此参考2020年8月7日提交的当前8-k表格报告附件10.1)
10.3		8% 原始发行的贴现本票，日期为2022年12月6日(合并于此，参考表格8-k的附件10.2 2022年12月6日)
10.4		报盘 AgEagle AIR System，Inc.和Barrett Mooney的聘书，日期为2022年2月7日(通过引用并入 2022年5月16日提交的10-Q表格中的附件10.1)
10.5		配售代理协定，日期为2023年6月5日(通过引用2023年6月6日提交的表格8-k中的附件10.1并入)。
10.6		证券购买协定，日期为2023年6月5日(通过参考2023年6月6日提交的表格8-k中的附件10.2合并而成)。
10.7		锁定协定表格(通过引用2023年6月6日提交的表格8-k中的附件10.3并入)。
10.8		搜查令日期为2023年9月15日的交换协定(参考于2023年9月15日提交的表格8-k中的附件10.1并入)
10.9		注：AgEagle AIR Systems Inc.和Alpha Capital Anstalt之间于2023年8月14日签署的修订协定(通过参考2023年8月14日提交的10-Q表格中的附件10.1合并而成)
10.10		第二注：日期为2023年10月5日的修订协定(参考于2023年10月6日提交的表格8-k的附件10.1并入)
10.11		婚约与道森·詹姆斯证券公司的协定，日期为2023年11月15日(通过引用所提交的8-k表格的附件10.1合并 2023年11月16日)
10.12		表格转让、豁免和修订协定，日期为2023年11月15日(通过引用已提交的表格8-k的附件10.2并入 2023年11月16日)
10.13		表格证券购买协定，日期为2023年11月15日(通过参考11月提交的表格8-k的附件10.3而并入 2023年，16年)
10.14		报盘 AgEagle AIR Systems，Inc.和Mark DiSiena之间的信件，日期为2023年11月28日(通过引用附件并入 10.1于2023年12月4日提交的Form 8-k)
10.15		高管聘用协定，日期为2023年12月28日，由AgEagle AIR Systems，Inc.和Mark DiSiena签订(通过引用并入，作为附件10.1，于2023年12月29日提交的Form 8-k)。
10.16		临时CEO协定，日期为2023年12月28日，由AgEagle Air Systems，Inc.和Concepts to Capability Consulting，LLC达成(通过引用并入，作为2023年12月29日提交的8-k表格中的附件10.2)。
10.17		未来收据买卖协定(参考于2024年1月30日提交的表格8-k附件10.1)
10.18		F系列修订协定(参考2024年2月8日提交的表格8-k中的附件10.1并入)
10.19		证券交易协定(参考于2024年2月8日提交的表格8-k的附件10.2而合并)
10.20		可转换本票(参考于2024年2月8日提交的表格8-k附件10.3而合并)
10.21		AgEagle AIR Systems Inc.和Mark DiSiena之间于2023年9月27日签订的工作说明书(通过引用2023年10月19日提交的10-k表格中的附件10.1合并而成)。
10.22		认股权证行使协定表(引用于2024年3月7日提交的表格8-k附件10.1)
10.23		证券购买协定，日期为2022年6月26日(参考2022年6月30日提交的表格8-k中的附件10.1合并)
10.24		锁定协定，日期为2022年6月30日(引用于2022年6月30日提交的表格8-k中的附件10.2)
10.25		该公司、MicaSense，Inc.和鹦鹉无人机公司之间的豁免协定，日期为2022年7月22日(参考2022年8月2日提交的表格8-k中的附件10.1合并)
10.26		公司与鹦鹉无人机公司签订的豁免协定，日期为2022年7月22日 (参考2022年8月2日提交的表格8-k中的附件10.2合并)
10.27		2022年7月22日公司、AgEagle AIR Inc.和Parrot，Inc.之间的放弃协定(通过参考2022年8月2日提交的Form 8-k中的附件10.3合并)
10.28		和解协定，日期为2022年8月22日(通过引用附件101并入。于2022年8月26日提交的表格8-k)
10.29		证券购买协定，日期为2022年12月6日(参照于2022年12月6日提交的表格8-k中的附件10.1合并)
14.1		代码适用于董事、高级职员和雇员的注册人道德规范(通过参考注册声明成立为法团关于表格S-1(注册表第333-226324号)(最初提交于2018年7月24日)
21.1*		列表附属公司
31.1*		规则 13(A)-14(A)/15(D)-14(A)首席执行官的认证
31.2*		规则 13(A)-14(A)/15(D)-14(A)首席财务官的认证
32.1*		部分 1350首席行政人员的证书
32.2*		部分 1350首席财务主任及首席会计主任的证明书
97.1*		追回政策
97.2*		内幕交易政策
97.3*		举报人政策
101.INS		内联 XBRL实例文档
101.SCH		内联 BEP分类扩展架构文档
101.CAL		内联 XBRL分类扩展计算链接库文档
101.DEF		内联 XBRL分类扩展定义Linkbase文档
101.LAB		内联 XBRL分类扩展标签Linkbase文档
101.PRE		内联 XBRL分类扩展演示文稿Linkbase文档
104		封面页面交互数据档案(嵌入在内联XBRL文档中)

* 一起提交

项目 16.表格10-k摘要

没有。

签名

在根据《交易法》第13条或第15（d）条，注册人促使以下签署人代表其签署本报告，为此得到正式授权。

	年龄航空系统公司

日期： 2024年11月27日	发信人：	/s/ 威廉·艾尔比
		威廉 Irby
		首席执行官兼董事

指数财务报表

内容	页面号

报告独立特许会计师事务所（PCAOb ID 100)	F-2

综合截至2023年和2022年12月31日的资产负债表	F-4

综合截至2023年和2022年12月31日止年度的经营和全面亏损报表（重述）	F-5

综合截至2023年和2022年12月31日止年度股东权益变动和综合亏损表	F-6

综合截至2023年和2022年12月31日止年度现金流量表	F-7

注意到综合财务报表	F-8

F-1

报告独立特许会计师事务所

致董事会和股东

AgEagle Aerial Systems，Inc.：

审核整体综合财务报表

我们已审计随附的合并余额 AgEagle Aerial Systems，Inc.，截至2023年和2022年12月31日的子公司（「公司」）以及相关合并经营报表和全面亏损、股东权益变动和全面亏损、现金流量截至2023年12月31日止两年中的每一年以及相关合并票据（统称为「合并票据财务报表」）。我们认为，合并财务报表在所有重大方面公平地反映了财务状况公司截至2023年和2022年12月31日的状况以及两年中每年的经营运绩和现金流量截至2023年12月31日止期间，符合美利坚合众国普遍接受的会计原则。

重述

如合并财务报表附注17所讨论在报表中，公司已重述其2023年和2022年财务报表以更正错误。

对持续经营的重大怀疑

随附之综合财务报表已准备好假设该公司将继续持续经营。如合并财务报表附注2所述，该公司因运营而遭受经常性损失，运营中使用的现金超过了其当前的现金状况，并且存在累积赤字，这让人们对其继续经营的能力产生了极大的怀疑。管理层的计划有关这些事项的说明也在注释2中进行了说明。合并财务报表不包括任何可能的调整这种不确定性的结果造成的。我们对此事的意见不予修改。

意见基准

这些合并财务报表是责任公司管理层的情况。我们的责任是根据我们的意见对这些合并财务报表发表意见审计。我们是一家在上市公司会计监督委员会（美国）（「PCAOB」）注册的公证事务所并根据美国联邦证券法和适用的规定，必须独立于公司美国证券交易委员会和PCAOb的规则和法规。

我们按照标准进行审计 PCAOb的。这些标准要求我们计划和执行审计，以获得关于合并后的审计是否财务报表不存在由于错误或欺诈而造成的重大错误陈述。公司不需要有，我们也没有参与对其财务报告内部控制进行审计。作为审计的一部分，我们需要了解对财务报告的内部控制，但并非为了对公司的有效性发表意见财务报告的内部控制。因此，我们不发表此类意见。

我们的审计包括执行评估程式综合财务报表存在重大错误陈述的风险（无论是由于错误还是欺诈）以及执行程式来应对这些风险。此类程式包括在测试的基础上审查有关《金融时报》中金额和披露的证据。合并财务报表。我们的审计还包括评估所使用的会计原则和所做出的重大估计管理，以及评估合并财务报表的整体列报方式。我们相信我们的审计提供我们意见的合理基础。

F-2

关键审计事项

下面传达的关键审计事项是已传达或需要传达的合并财务报表本期审计产生的事项提交给审计委员会，并且：（1）与对综合财务报表重要的帐目或披露有关，以及 (2)涉及我们特别具有挑战性、主观或复杂的判断。关键审计事项的沟通不会改变无论如何，通过传达批判性审计，我们对合并财务报表的整体意见，而我们不是以下事项，就关键审计事项或与之相关的帐目或披露提供单独意见。

善意和其他寿命有限的无形资产- 减值评估

如注2、注5和注6所述合并财务报表，管理层每年或更多地评估商誉和其他有限寿命的无形资产如果存在减损指标，则通常是在每个报告单位一级。本公司估计与每项业务相关的商誉公允价值报告单位对收益法和市场法的结果进行了加权。收入法结合了以下使用现金流预测和贴现率是根据基于市场参与者的假设制定的。现金流预测是基于管理层制定的十年财务预测，其中包括收入预测、未来运营成本和投资营运资金，以支持预期的收入增长。选定的贴现率考虑了各自报告的风险和性质该单位的现金流和市场参与者将需要将其资本投资于其报告单位的回报率。这个市场法运用了准则上市公司和准则交易的方法。此外，有限寿命股票的公允价值无形资产使用未贴现现金流进行估值。

确定这些资产的公允价值需要重大判断和估计。根据上述方法，公司对两者均进行了减损调整记录的善意和有限寿命的无形资产。

在进行善意减损调整之前，公允传感器和SaaS报告单元的价值为2320美金。该公司确定两个报告单位都有重大影响损害。因此，该公司记录了1580美金的应收帐款减损费用。

有限期限无形资产减损之前调整后，无人机、传感器和SaaS报告单元的公允价值为850美金。该公司确定无人机和SaaS报告单元出现了重大损害。因此，该公司记录了590美金的应收帐款减损费用。

我们做出决定的主要考虑因素执行与善意和其他有限活体资产估值相关的程式作为关键审计事项非常重要管理层用来确定这些金融工具的公允价值的判断和估计，这反过来又导致了高度审计师在执行程式和评估所获得的审计证据（包括参与）方面的判断、主观性和努力具有专业技能和知识的专业人士。

解决该问题涉及执行程式并评估与我们对合并财务报表形成整体意见相关的审计证据。

我们与损害评估相关的审计程式该公司的报告单位包括以下单位：

	●	我们评估了管理层确定其报告单位公允价值的流程。
	●	我们评估了所使用的估值方法的适当性。
	●	我们通过将上一年的预测与当年的实际结果进行比较，评估了管理层准确预测未来收入和运营成本的能力。
	●	我们测试了预测合理且与公司历史业绩一致。
	●	我们评估了公司所使用的指导方针的适当性。

此外，对于善意的公允价值，我们进行了评估在我们的内部估值专家的帮助下，贴现现金流模型中使用的贴现率的合理性。

/s/ WithumSmith+Brown，PC

自成立以来，我们一直担任公司的审计师 2020.

奥兰多，佛罗里达

2024年4月1日，除注17外，日期为11月27日， 2024

PCAOb ID号100

F-3

年龄航空系统公司和子公司

综合资产负债表

	2023			2022
	作为 12月31日，
	2023			2022
资产
当前资产：
现金	$	819,024		$	4,349,837
应收帐款，净额		2,057,546			2,213,040
库存，净		6,936,980			6,685,847
预付费和其他活期资产		548,561			1,029,548
注意到应收		185,000			185,000
易变现资产总额		10,547,111			14,463,272

财产和设备，净		799,892			791,155
使用权资产		3,525,406			3,952,317
无形资产，净值		2,615,281			11,507,653
商誉		7,402,644			23,179,411
其他资产		265,567			291,066
总资产	$	25,155,901		$	54,184,874

负债和股东股权
应付帐款	$	3,062,794		$	1,845,135
应计负债		1,944,352			1,680,706
承兑票据		4,504,500			287,381
合约负债		226,316			496,390
当前租赁部分负债		901,925			628,113
电流部分新冠贷款		391,545			446,456
流动负债总额		11,031,432			5,384,181

租赁的长期部分负债		2,721,743			3,161,703
新冠病毒的长期部分贷款		489,037			446,813
设定福利计划义务		216,133			106,163
商业本票的长期部分		—			1,861,539
总负债		14,458,345			10,960,399

承诺和连续性 (NOTE 13）		-			-

股东股票：
优先股，美金0.001 面值， 25,000,000 授权股份：
优先股，系列 F可兑换，美金0.001 面值， 35,000 授权股份， 6,075 截至2023年12月31日已发行和发行的股份，以及 5,863 截至2022年12月31日已发行和发行股票		6			6
优先股，面值0.001美金，授权25，000，000股：优先股，系列 F可转换股票，面值0.001美金，授权股票35，000股，截至2023年12月31日已发行和发行股票6，075股，以及5，863股截至2022年12月31日已发行和发行的股票		6			6
普通股，美金0.001 面值， 250,000,000 授权股份， 140,520,163和88,466,613 分别截至2023年和2022年12月31日已发行和发行的股票		140,521			88,467
借记资本公积		176,033,817			154,679,363
累计赤字		(165,583,091	)		(111,553,444	)
累积其他全面收入		106,303			10,083
股东总数股权		10,697,556			43,224,475
负债总额及股东权益	$	25,155,901		$	54,184,874

看到合并财务报表随附注释。

F-4

年龄航空系统公司和子公司

综合经营和全面损失报表

	2023			2022
	为截至12月31日的年份，
	2023			2022
	（重述)			（重述)
收入	$	13,741,398		$	19,094,425
销售成本		8,278,158			10,876,308
毛利润		5,463,240			8,218,117

运营费用：
一般和行政		13,602,791			17,757,708
研发		5,523,541			8,113,774
销售和市场营销		3,731,660			4,935,601
减值		21,755,360			41,687,871
总业务费用		44,613,352			72,494,954
损失经营		(39,150,112	)		(64,276,837	)

其他收入（RST）：
利息开支净额		(948,564	)		(59,785	)
债务消除的收益（损失）		(1,933,368	)		6,463,101
出售固定资产亏损		—			(25,960	)
其他费用，净额		(389,693	)		(354,242	)
总其他收入（NPS），净		(3,271,625	)		6,023,114
拨备前净亏损所得税		(42,421,737	)		(58,253,723	)
备付所得税		—			—
净损失	$	(42,421,737	)	$	(58,253,723	)
应计 F系列优先股股息 (ii)		(339,631	)		(172,596	)
F系列优先股的视为股息 (ii)		(11,607,910	)		(2,245,377	)
归属于普通股股东的净亏损 (ii)	$	(54,369,278	)	$	(60,671,696	)

加权年内已发行股份平均数量--基本（i）		5,279,595			4,168,521

净每普通股损失-基本和稀释 (i)（ii）	$	(10.30	)	$	(14.56	)

综合收入（损失）：
净亏损	$	(42,421,737	)	$	(58,253,723	)
未确认的定期养老金摊销成本		(244,323	)		135,439
外币累计折算调整		340,543			(54,762	)
总综合损失，扣除税项(ii)	$	(42,325,517	)	$	(58,173,046	)

看到合并财务报表随附注释。

(i)	根据a的影响进行调整反向股票拆分于2024年2月9日生效（见注18）
(ii)	已重述金额以纠正调查中披露的错误本表格10-K/A中包含的注释（另请参阅注释17）

F-5

年龄航空系统公司和子公司

综合股东权益变动报表

和全面亏损

为截至2023年和2022年12月31日的年份

	Par 0.001美金优先股，F系列可转换股票			优选股票，F系列可转换金额			Par $0.001 共同存量股份			共同股票额			额外实收资本			积累其他综合收入（损失			积累赤字			总股东股权
截至2021年12月31日余额		—		$	—			75,314,988		$	75,315		$	127,626,536		$	(70,594	)	$	(51,054,344	)	$	76,576,913
扣留的结算与措施收购相关的或有负债中的股份		—			—			(498,669	)		(499	)		2,812,999			—			—			2,812,500
发行优先股， F系列可转换债券，扣除发行成本		10,000			10			—			—			9,919,990			—			—			9,920,000
首选转换股票，F系列可转换为普通股		(4,137	)		(4	)		6,804,545			6,805			(6,801	)		—			—			—
F系列股息优先股票		—			—			—			—			(172,596	)		—			—			(172,596	)
系列的视为股息 F优先股		—			—			—			—			2,245,377			—			(2,245,377	)		—
普通股销售，净值发行费用后		—			—			4,251,151			4,251			4,579,090			—			—			4,583,341
发行普通股收购senseFly		—			—			1,927,407			1,927			2,998,073			—			—			3,000,000
相对公允价值随商业本票发行的凭证		—			—			—			—			1,182,349			—			—			1,182,349
发行限制性的普通股		—			—			482,191			483			(483	)		—			—			—
股票期权的行使		—			—			185,000			185			74,165			—			—			74,350
股票补偿费用		—			—			—			—			3,420,664			—			—			3,420,664
未确认的摊销定期养老金费用		—			—			—			—			—			135,439			—			135,439
外币累计折算调整		—			—			—			—			—			(54,762	)		—			(54,762	)
净损失		—			—			—			—			—			—			(58,253,723	)		(58,253,723	)
截至2022年12月31日余额		5,863		$	6			88,466,613		$	88,467		$	154,679,363		$	10,083		$	(111,553,444	)	$	43,224,475
平衡		5,863		$	6			88,466,613		$	88,467		$	154,679,363		$	10,083		$	(111,553,444	)	$	43,224,475
发行优先股，F系列可转换股票，扣除发行成本		4,850			5			—			—			4,674,995			—			—			4,675,000
优先股转换，F系列可转换股票股票与普通股		(4,638	)		(5	)		27,804,762			27,805			(27,800	)		—			—			—
F系列优先股的股息		—			—			—			—			(339,631	)		—			—			(339,631	)
F系列优先股的视为股息		—			—			—			—			11,607,910			—			(11,607,910	)		—
普通股销售，扣除发行成本		—			—			18,220,000			18,220			3,949,180			—			—			3,967,400
随期指发行的认购证的转换注释和增量修改		—			—			5,000,000			5,000			185,500			—			—			190,500
发行限制性普通股		—			—			1,028,788			1,029			(1,029	)		—			—			—
基于股票的补偿费用		—			—			—			—			1,305,329			—			—			1,305,329
未确认的定期养老金摊销成本		—			—			—			—			—			(244,323	)		—			(244,323	)
外币累计换算调整		—			—			—			—			—			340,543			—			340,543
净亏损		—			—			—			—			—			—			(42,421,737	)		(42,421,737	)
截至2023年12月31日余额		6,075		$	6			140,520,163		$	140,521		$	176,033,817		$	106,303		$	(165,583,091	)	$	10,697,556
平衡		6,075		$	6			140,520,163		$	140,521		$	176,033,817		$	106,303		$	(165,583,091	)	$	10,697,556

看到合并财务报表随附注释。

F-6

年龄航空系统公司和子公司

综合现金流量表

	2023			2022
	为截至12月31日的年份，
	2023			2022
与经营活动：
净亏损	$	(42,421,737	)	$	(58,253,723	)
调整以调节损失经营活动中使用的现金净额：
商誉减值		15,776,767			41,687,871
无形资产减损		5,899,307			—
租赁减损		79,287			—
股票补偿		1,305,329			3,420,664
折旧及摊销		3,811,770			3,938,860
设定福利计划义务和其他		93,692			(215,797	)
固定资产处置损失资产		—			25,960
债务折扣摊销并保证修改		612,712			46,270
债务消灭损失（收益）		1,933,368			(6,463,101	)
资产和负债变化：
应收帐款		223,457			637,156
库存		53,178			(2,605,028	)
预付费用和其他易变现资产		543,703			230,688
应付帐款		1,105,947			(681,556	)
应计负债及其他负债		44,499			(716,960	)
合约负债		(280,685	)		(472,604	)
其他		263,029			(340,886	)
经营使用的净现金活动		(10,956,377	)		(19,762,186	)

投资的现金流活动：
购买财产和设备		(215,357	)		(313,769	)
收购相关付款负债		—			(6,610,900	)
平台资本化开发成本		(357,724	)		(817,029	)
资本化内部使用软体成本		(203,889	)		(618,061	)
净投资活动所用现金		(776,970	)		(8,359,759	)

资金流来自融资活动：
普通股销售，扣除发行成本		3,967,400			4,583,341
出售优先股，F系列可转换债券，扣除发行费用后		4,675,000			9,920,000
偿还新冠贷款		(91,856	)		(345,484	)
承兑票据		—			3,285,000
股票期权的行使		—			74,350
提供的现金净额融资活动		8,550,544			17,517,207

外汇价位对现金流的影响		(348,010	)		364,009

现金净减少		(3,530,813	)		(10,240,729	)
年初现金年		4,349,837			14,590,566
年终现金	$	819,024		$	4,349,837

补充披露现金流量信息：
已付利息现金	$	—		$	7,590
支付的所得税	$	—		$	—
非现金投资及融资活动：
股票对价用于senseFly收购	$	—		$	3,000,000
使用权资产和负债	$	212,756		$	—
首选转换股票，F系列可转换为普通股		27,805			6,805
系列股息 F优先股	$	339,631		$	172,596
系列的视为股息 F优先股和凭证	$	11,607,910		$	2,245,377
发行限制性的普通股		—			483
共同解决与措施相关的或有负债的股票	$	—		$	2,812,500

看到合并财务报表随附注释。

F-7

年龄航空系统公司和子公司

注意到合并财务报表

为截至2023年和2022年12月31日的年份

注意 1 – 业务描述

AgEagle™ 航空系统公司(“AgEagle”或“公司”或“我们”、“我们”或“我们”) 积极参与设计和交付一流的无人机、感测器和软体，为我们的顾客。AgEagle成立于2010年，最初是专有、专业级、固定翼无人机和空中无人机的先驱为农业行业提供基于图像的数据收集和分析解决方案。今天，该公司作为一家全球受人尊敬的市场领导者，提供以客户为中心的先进自主无人机系统(UAS)，在飞行硬体、感测器和软体的交汇点为包括农业在内的行业推动收入，军事/国防、公共安全、测绘和公用事业/工程等。AgEagle也取得了许多成就监管第一，其商业和战术无人机超越视线飞行获得政府批准 (“BVLOS”)和/或在美国、加拿大、巴西和欧盟的“OOP”。并获得美国国防部国防创新部门颁发的蓝色无人机认证。

我们核心技术能力包括机器人和机器人系统自主性;先进的热和多光谱传感器设计和开发;嵌入式软体和硬体;安全无线数字通信和网络;轻型机身;小型UAS设计，集成和操作;电力电子和推进系统;控制和系统集成;固定翼飞行;飞行管理软体;数据捕获和分析;人机界面开发和集成任务解决方案。

在 2021年1月，AgEagle收购MicaSense™，Inc.（「MicaSense」）。MicaSense成立于2014年，一直走在前沿自2014年成立以来，一直致力于先进的无人机传感器开发，与多家领先的固定翼飞机建立了集成合作伙伴关系以及多螺旋无人机制造商。MicaSense获得专利的高精度热传感器和多光谱传感器可用于航空测绘以及农业市场的分析需求。MicaSense的高性能专有产品已遍布全球 75个国家。

在 2021年4月，AgEagle收购了Performance Global，Inc.（「测量」）。Surge成立于2020年，为世界一流的客户群提供服务，衡量使其客户能够通过其 地面控制 溶液作为软体即服务（「SaaS」）提供， 地面控制 是一个基于云的即插即用作业系统，可为飞行员提供动力大型企业拥有运营无人机机队、自主飞行、全球协作、数据可视化以及所需的一切与现有业务系统和流程集成。

在 2021年10月，AgEagle收购senseFly SA在收购的同时，AgEagle Aerial，Inc.（「AgEagle Aerial），a AgEagle的全资子公司收购了senseFly Inc.总体而言，Fly SA和senseFly，Inc.被称为「senseFly」。senseFly成立于2009年，为商业和政府市场提供固定翼无人机解决方案，简化地理空间数据的收集和分析，使专业人士能够更好、更快地做出更好的决策。senseFly开发并生产专有系列 EBee- 已飞行超过一百万架的品牌高性能固定翼无人机环游世界的航班。

F-8

年龄航空系统公司和子公司

注意到合并财务报表

为截至2023年和2022年12月31日的年份

注意 1 -业务描述-续

MicaSense、Test和senseFly统称为「2021 收购的公司。」

的公司目前总部位于堪萨斯州威奇托，我们的传感器制造业务位于那里，我们经营运务和位于北卡罗来纳州罗利的无人机制造工厂。此外，该公司还经营运务和制造业务瑞士洛桑，支持我们的国际商业活动。

的公司打算通过开发新的无人机、传感器和软体以及捕获来发展我们的业务并保持我们的领导地位占据全球无人机市场的重要份额。此外，我们预计通过战略收购加速增长和扩张提供独特的技术和竞争优势并拥有可防御的智慧财产权保护（如果适用）的公司。

注意 2 – 主要会计政策概要

的下文列出的重要会计政策摘要旨在帮助了解公司的合并财务状况报表该合并财务报表和随附注释是公司管理层的代表，他们对自己的诚信和客观性负责。这些会计政策符合公认的会计原则在美国（「美国公认会计原则」）的所有重大方面，并一直在编制随附的合并财务报表。

基础呈现和合并 - 该等合并财务报表以美金呈列并已编制根据美国公认会计原则。公司合并财务报表采用应计会计法编制。该公司已选择12月31日为其财年结束。管理层认为，公司已做出一切必要的调整，其中包括正常的经常性调整，以公平地陈述公司合并财务状况和业绩所示期间的运营。

的合并财务报表包括AgEagle及其全资子公司AgEagle Aerial，Inc.的帐目，测量并感知飞行。所有重大公司间余额和交易均已消除巩固。截至2023年1月1日，MicaSense不再作为独立实体存在，并合并到AgEagle Aerial Systems， Inc.（AgEagle）。

流动性及持续经营 -为了追求公司的长期增长战略和最近的收购，公司进行了持续的营业亏损。于截至2023年12月31日止年度内，本公司录得净亏损$42.4百万美元，并使用现金经营活动为#美元11.0百万美元。截至2023年12月31日，公司营运资金赤字为$0.5百万美元。而本公司历史上一直成功地筹集资本以满足其营运资本需求，有能力继续筹集此类资本以不能保证公司能够继续增长。因此，人们对该公司的能力有很大的怀疑继续作为持续经营的企业，因为公司将需要额外的流动资金来继续运营并履行其财务义务自这些合并财务报表发布之日起12个月内。该公司正在评估战略，以获得需要为今后的业务和业务重组提供额外资金，以增加收入和减少开支。

如果该公司无法在短期内实现大幅销售增长并筹集额外资本，公司存在风险可能拖欠额外义务;并且可能被要求停止或大幅缩小其运营范围，如果没有其他可用的融资运营手段。合并财务报表不包括与以下事项相关的任何调整记录资产金额的可收回性和分类或负债金额和分类或任何其他调整如果公司无法继续经营，这可能是必要的。

F-9

年龄航空系统公司和子公司

注意到合并财务报表

为截至2023年和2022年12月31日的年份

注意 2 -重要会计政策摘要-续

风险和不确定性 -全球经济挑战，包括乌克兰战争的影响，通胀上升和供应链中断、不利的劳动力市场状况可能导致经济不确定性和波动性。截至年底止年度 2023年12月31日，围绕新冠肺炎疫情的负面事件在无人机上消散。系统行业，本公司的客户和业务遍及全球。上述风险及其各自对无人机行业和公司的运营和财务业绩仍然不确定，不在公司的控制力。具体地说，由于上述持续的风险，该公司能够获得部件和部件制造其专有无人机和感测器以及进行质量测试所需的一直并将继续是，受到了影响。如果公司或其供应链中的任何第三方在我们的制造和组装中使用的材料流程继续受到不利影响，公司的供应链可能会进一步中断，限制其能力制造和组装产品。该公司预计通胀和供应链中断及其影响将继续在较长一段时间内对其业务产生重大负面影响。

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the reserve for obsolete inventory, valuation of stock issued for services and stock options, and valuation of intangible assets.

Accumulated Other Comprehensive Income (Loss) – Accumulated other comprehensive income (loss) refers to revenues, expenses, gains and losses that under US GAAP are included in accumulated other comprehensive income (loss) a component of equity within the consolidated balance sheets, rather than net loss in the consolidated statements of operations and comprehensive loss. Under existing accounting standards, other comprehensive income (loss) may include, among other things, unrecognized gains and losses on foreign currency translation and prior service credit related to benefit plans.

Fair Value Measurements and Disclosures – Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement.

The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories:

	●	Level 1: Quoted market prices in active markets for identical assets or liabilities.

	●	Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

	●	Level 3: Unobservable inputs that are not corroborated by market data.

F-10

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

For short-term classes of our financial instruments, which include cash and cash equivalents, accounts receivable, notes receivable and accounts payable and accrued expenses, and which are not reported at fair value, the carrying amounts approximate fair value due to their short-term nature. The current outstanding loans, including the COVID Loans, are carried at face value, which approximates fair value, due to the government backed security which requires payments. The promissory note is carried at face value and approximates fair value due to its prevailing interest rate. As of December 31, 2023 and 2022, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s consolidated balance sheets on a recurring basis.

Cash Concentrations -The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Accounts Receivable and Credit Policy – Trade receivables due from customers are uncollateralized customer obligations due under normal and customary trade terms. Trade receivables are stated at the amount billed to the customer. As of December 31, 2023, 2022 and 2021, the Company had an accounts receivable balance of $2.1 million, $2.2 million and $2.9 million, respectively. In addition, as of December 31, 2023, 2022 and 2021, the Company had an allowance for credit losses balance of $0.2 million, $0.5 million and $1.0 million, respectively. The Company generally does not charge interest on overdue customer account balances. Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The Company estimates an allowance for credit losses based upon an evaluation of the current status of trade receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for credit losses will change.

Allowance for Credit Losses - We establish allowances for credit losses on accounts receivable, under ASC 326-20-55-37. We establish allowances for credit losses on accounts receivable, unbilled receivables, financing receivables and certain other financial assets, under Accounting Standard Codification (ASC) 326-20-55-37. The adequacy of these allowances is assessed quarterly through consideration of factors such as customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. Collateral exposure is the excess of the carrying value of a financial asset over the fair value of the related collateral. We determine the creditworthiness of our customers by assigning internal credit ratings based upon publicly available information and information obtained directly from the customers.

Our net accounts receivable represents amounts billed and due from customers. Through an historically perspective, nearly all of our accounts receivable at December 31, 2023 would be expected to be timely collected in calendar year 2024 because the majority of our accounts receivable are due from Value Added Resellers (VARs) and the soveign government, including the US Department of Defense. However, under the new guidance, the company has elected to recognize credit losses based on our collection history and our customers payment terms. AgEagle as a company averages a 0.49% uncollectable rate, with 0.47% in the US and 0.65% internationally. As the invoices age, we know there is a chance they won’t be collected, but with our usually probable collectability rate, we expect most open invoices to be collected. As of December 31, 2023 and 2022, the Company had an allowance for credit losses of $158,689 and $16,800, respectively.

Inventories – Inventories, which consist of raw materials, work-in-process and finished goods, are stated at the lower of cost or net realizable value, with cost being determined by the average-cost method, which approximates the first-in, first-out method. Cost components include direct materials and direct labor. At each balance sheet date, the Company evaluates its inventories for excess quantities and obsolescence. This evaluation primarily includes an analysis of forecasted demand in relation to the inventory on hand, among consideration of other factors. The physical condition (e.g., age and quality) of the inventories is also considered in establishing its valuation. Based upon the evaluation, provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Once established, write-downs are considered permanent adjustments to the cost basis of the respective inventories. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from the amounts that the Company may ultimately realize upon the disposition of inventories if future economic conditions, customer inventory levels, product discontinuances, sales return levels or competitive conditions differ from the Company’s estimates and expectations.

F-11

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

Intangible Assets - Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer programs, trademarks, customer relationships, technology, and other intangible assets. Customer programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program and are amortized on a straight-line basis over a period of expected cash flows used to measure fair value, which ranges from two to ten years.

In accordance with ASC Topic 350-40, Software - Internal-Use Software (“ASC 350-40”), the Company capitalizes certain direct costs of developing internal-use software that are incurred in the application development stage, when developing or obtaining software for internal use. Once an application has reached the development stage, internal and external costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the software (typically three to five years). Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful life of the software. The Company reviews the carrying value for impairment whenever facts and circumstances exist that would suggest that assets might be impaired or that the useful lives should be modified. Amortization expense related to capitalized internal-use software development costs is included in general and administrative expenses on the consolidated statements of operations and comprehensive loss. As of December 31, 2023 and 2022, capitalized software development costs for internal-use software, net of accumulated amortization, totaled $582,148 and $721,795, respectively, relate to the Company’s implementation of its enterprise resource planning (“ERP”) software. Internal-use software costs are included in intangibles, net on the consolidated balance sheets.

In accordance with ASC Topic 985-20, Software — Costs of Software to be Sold, Leased or Marketed, the Company capitalizes software development costs for software to be sold, leased or marketed. Costs associated with the planning and design phase of software development are classified as research and development costs and are expensed as incurred. Once technological feasibility has been established, a portion of the costs incurred in development, including coding, testing and quality assurance, are capitalized until available for general release to customers, and subsequently reported at the lower of unamortized cost or net realizable value. Amortization is recorded per the individual technology software being released and is included in use cost of sales on the consolidated statements of operations and comprehensive loss. Annual amortization is recognized on a straight-line basis over the remaining economic life of the software (typically two years). Unamortized capitalized costs determined to be in excess of the net realizable value of a solution are expensed at the date of such determination. As of December 31, 2023 and 2022, capitalized software development costs, net of accumulated amortization, totaled $0 (see Note 5) and $1,332,516, respectively, and are included in intangible assets, net on the consolidated balance sheets.

Finite-lived intangible assets are evaluated for impairment periodically, or whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with ASC Topic 360-10-15, Impairment or Disposal of Long-Lived Assets (“ASC 360-10-15”). In evaluating intangible assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with ASC 360-10-15. To the extent that estimated future undiscounted net cash flows are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value.

F-12

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

Asset recoverability is an area involving management judgment, requiring assessment as to whether the carrying values of assets are supported by their undiscounted future cash flows. In estimating future cash flows, certain assumptions are required to be made in respect of highly uncertain matters such as revenue growth rates, operating expenses, and terminal growth rates. For the year ended December 31, 2023, the Company conducted an analysis of the intangibles, which indicated that the fair value was less than the current value, resulting in an impairment to our reporting units in the amount of $5,899,307. For the year ended December 31, 2022, the Company reviewed the indicators for impairment and concluded that no impairment of its finite-lived intangible assets existed.

Goodwill – The assets and liabilities of acquired businesses are recorded in accordance with ASC 805. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable.

During the fourth quarter of 2023 and 2022, respectively, and in accordance with ASC Topic 350, Intangibles – Goodwill and Other (“ASC 350”), the Company performed its annual goodwill impairment test using a quantitative approach by comparing the carrying value of the reporting unit, including goodwill, to its fair value. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. The Company estimates the fair value of each reporting unit using both a discounted cash flow (“DCF”) (Level 3 input) analysis and market approach. Under the DCF analysis, determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company earnings multiples and relevant trading multiples. The cash flows employed in the DCF analysis are based on estimates of future sales, earnings and cash flows after considering factors such as general market conditions, existing firm orders, expected future orders, changes in working capital, long term business plans and recent operating performance. The DCF analysis used a discount rate ranging from approximately 17% to 26%. The market approach entails using valuation metrics from companies that have been traded publicly, which are considered to be rightly similar to the subject entity. In most situations, direct comparability is hard to attain since a majority of public companies are not only larger but also more dissimilar to the subject so both metrics are used to find the most reasonable valuation.

Revenue Recognition – Most of the Company’s revenues are derived primarily through the sales of drones, sensors and related accessories, and software subscriptions. The Company utilized Accounting Standard Codification (“ASC”) Topic 606 and the related amendments Revenue from Contracts with Customers, which requires revenue to be recognized in a manner that depicts the transfer of goods or services to customers in amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services.

Generally, we recognize revenue when it satisfies its obligation by providing the benefits of the service to the customer, either over time or at a point in time. A performance obligation is satisfied over time if one of the following criteria are met:

	a.	the customer simultaneously receives and consumes the benefits as the entity performs; or
	b.	the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
	c.	the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date.

Revenue recognition under ASC 606 as described below creates following revenue streams:

	●	Sensor Sales – sales are recognized on products when the related goods have been shipped, title has passed to the customer, and there are no undeliverable elements or uncertainties. Amounts incurred related to shipping and handling are included in cost of revenue.

	●	Drone Sales - sales are recognized on products when the related goods have been shipped, title has passed to the customer, and there are no undeliverable elements or uncertainties. Amounts incurred related to shipping and handling are included in cost of revenue.

The Company recognizes revenue on sales to customers, dealers, and distributors upon satisfaction of performance obligations which occurs once controls transfer to customers, which is when product is shipped or delivered depending on specific shipping terms and, where applicable, a customer acceptance has been obtained. The fee is not considered to be fixed or determinable until all material contingencies related to the sales have been resolved. The Company records revenue in the statements of operations net of any sales, use, value added, or certain excise taxes imposed by governmental authorities on specific sales transactions and net of any discounts, allowances and returns.

Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company’s actual costs vary from the estimates upon which the price was negotiated, it will generate more or less profit or could incur a loss. The Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

Additionally, customer payments received in advance of the Company completing performance obligations are recorded as contract liabilities. Customer deposits represent customer prepayments and are recognized as revenue when the term of the sale or performance obligation is completed.

F-13

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

The Company’s software subscriptions to its platforms, HempOverview and Ground Control, are offered on a subscription basis. These subscription fees are recognized ratably over each monthly membership period as the services are provided.

For SaaS revenue, the Company bears responsibility to fulfill sales orders for the Ground Control and HemOverview platform sold as SaaS. The Company owns and maintains the software license that is sold as a service. AgEagle has full pricing discretion and bears risk of loss on the software as a service-related revenues. Sales of SaaS is excluded from the principal vs. agent consideration as AgEagle procures and manages the inventory flow, manufacturing process, and finished goods. The Company acts as the principal for all product sales of SaaS and reports the revenues and expenses of these product sales at gross amounts. Accordingly, application to the Company’s contracts with customers for SaaS, we conclude that the Company has a single performance obligation relating to revenue recognition from the sale of its Ground Control and HempOverview platforms as a subscription service. SaaS contracts with customers are either 12-month subscriptions, in which the 12-months fee is paid up front or paid monthly.

Provision for Warranty Expense - The Company provides warranties against defects in materials and workmanship of its drone systems for specified periods of time. For the years ended December 31, 2023 and 2022, drones and sensors sold are covered by the warranty for a period of up to one year from the date of sale by the Company. Estimated warranty expenses are recorded as an accrued expenses in the consolidated balance sheets with a corresponding provision to cost of sales in the consolidated statements of operations and comprehensive loss. This estimate is recognized concurrent with the recognition of revenue on the sale to a customer. The Company reserve for warranty expense is based on its historical experience and management’s expectation of future conditions, taking into consideration the location and type of customer and the type of drone, which directly correlate to the materials and components under warranty, the duration of the warranty period, and the logistical costs to service the warranty. An increase in warranty claims or in the costs associated with servicing those claims would likely result in an increase in the reserve and a decrease in gross profit.

Shipping Costs – All shipping costs billed directly to the customer are directly offset to shipping costs resulting in a net expense to the Company, which is included in cost of sales in the accompanying consolidated statements of operations and comprehensive loss. For the years ended December 31, 2023 and 2022, shipping costs were $0.26 million and $0.34 million, respectively.

Advertising Costs – Advertising costs are charged to operations as incurred. For the years ended December 31, 2023, and 2022, advertising costs, included in sales and marketing expenses in the consolidated statements of operations and comprehensive loss, were $0.10 million and $0.35 million, respectively.

Research and Development – For the years ended December 31, 2023 and 2022, research and development expenses were $5.5 million and $8.1 million, respectively. Research and development costs are expensed as incurred and are included in the accompanying consolidated statements of operations and comprehensive loss.

Vendor Concentrations - As of December 31, 2023 and 2022, there was one significant vendor that the Company relies upon to perform certain services for the Company’s technology platform. This vendor provides services to the Company, which can be replaced by alternative vendors should the need arise.

Customer Concentrations - As of December 31, 2023, there was one significant customer comprising over 10% of our accounts receivable balance. As of December 31, 2022, we did not have any customers that exceeded 10% of our accounts receivable balance.

Defined Benefit Plan - The Company estimates liabilities and expenses for its defined benefit plan. Estimated amounts are based on historical information, current information, and estimates regarding future events and circumstances. Significant assumptions used in the valuation of these benefit plan liabilities include the expected return on plan assets, discount rate, and rate of increase in compensation levels.

Loss Per Common Share – Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the year. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus Common Stock, par value $0.0001 (“Common Stock”) equivalents (if dilutive) related to warrants, options, and convertible instruments.

Potentially Dilutive Securities – The Company has excluded all common equivalent shares outstanding for unvested restricted stock, warrants and options to purchase Common Stock from the calculation of diluted net loss per share, because all such securities are anti-dilutive for the periods presented. As of December 31, 2023, the Company had 192,602 unvested restricted stock units, 64,670,912 common stock warrants and 2,505,232 options outstanding to purchase shares of Common Stock. As of December 31, 2022, the Company had 557,476 unvested restricted stock units and 2,561,231 options outstanding to purchase shares of Common Stock.

F-14

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

Leases – The Company accounts for its operating leases in accordance with ASC Topic 842, Leases (“ASC 842”), which requires that lessees recognize a right-of-use asset and a lease liability for virtually all their leases with lease terms of more than twelve months. Consistent with current US GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Income Taxes – The Company accounts for income taxes in accordance with ASC Topic 740, Accounting for Income Taxes (“ASC 740”), which requires an asset and liability approach for accounting for income taxes. The Company evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. The Company will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. All income tax returns not filed more than three years ago are subject to federal and state tax examinations by tax authorities.

Stock-Based Compensation Awards – The Company accounts for its stock-based awards in accordance with ASC Subtopic 718-10, Compensation – Stock Compensation (“ASC 718-10”), which requires fair value measurement on the grant date and recognition of compensation expense for all stock-based payment awards made to employees and directors. For stock options, the Company estimates the fair value using a closed option valuation (Black-Scholes) model. The estimated fair value is then expensed over the requisite service period of the award, which is generally the vesting period. Stock-based compensation expenses are presented in the consolidated statements of operations and comprehensive loss within general and administrative expenses. The Company recognizes forfeitures at the time they occur.

The Black-Scholes option-pricing model requires the input of certain assumptions that require the Company’s judgment, including the expected term and the expected stock price volatility of the underlying stock. The assumptions used in calculating the fair value of stock-based compensation represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change resulting in the use of different assumptions, stock-based compensation expense could be materially different in the future.

Segment Reporting – In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company identifies operating segments as components of an entity for which discrete financial information is available and is regularly reviewed by the chief operating decision maker in making decisions regarding resource allocation and performance assessment. The Company defines the term “chief operating decision maker” to be its chief executive officer.

The Company has determined that operates in three segments:

	●	Drones, which comprises revenues earned from contractual arrangements to develop, manufacture and /or modify complex drone related products, and to provide associated engineering, technical and other services according to customer specifications.

	●	Sensors, which comprises the revenue earned through the sale of sensors, cameras, and related accessories.

	●	SaaS, which comprises revenue earned through the offering of online-based subscriptions.

Contingencies - In the ordinary course of business, the Company is subject to loss contingencies that cover a range of matters. An estimated loss from a loss contingency, such as a legal proceeding or claim, is accrued if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In determining whether a loss should be accrued, the Company evaluates, among other factors, the degree of probability and the ability to reasonably estimate the amount of any such loss.

F-15

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

Recently Issued and Adopted Accounting Pronouncements

Adopted

During the first quarter of 2022, the Company early adopted Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). The update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and limiting the number of embedded conversion features separately recognized from the primary contract. The guidance also includes targeted improvements to the disclosures for convertible instruments and earnings per share. For smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU 2020-06 in the first quarter of 2022 using the modified retrospective method. Prior to its adoption of ASU 2020-06, the Company did not have financial instruments that would have required a cumulative effect to be recognized as an adjustment to its opening balance of accumulated deficit.

In June 2016, the Financial Accounting Standards Board (FASB”) issued ASU 2016-13, “Financial Instruments-Credit Losses” (Topic 326), which provides guidance on how an entity should measure credit losses on financial instruments. The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU is effective for smaller reporting companies in the first quarter of 2023. The Company adopted the new guidance as of January 1, 2023, and it did not have a material impact on its consolidated financial statements.

The allowance for credit losses is an accounting technique that enables companies to take these anticipated losses into consideration in its financial statements to limit overstatement of potential income. To avoid an account overstatement. Otherwords, a company will estimate how much of its receivables it expects will be delinquent.

We reviewed our revenues from the years ending 2021, 2022 and 2023 and the portion of those revenues that were not collected. We also separated the US entities from the International entities because each location represents different markets. In the 3 years reviewed, the US entities had $24,134,543 in sales with $113,325 in uncollected money. The uncollectable rate was 0.47%. We noticed that there was an uptick in 2022 and 2023 from 2021, so we decided to refine our calculations. Total US entity sales for 2022 and 2023 were $16,798,449 with $109,822 in uncollected money. The uncollectable rate was 0.65% even though we have a relatively probable collectable rate, we decided to round up to 1% for current and under 30 days. We next reviewed the International entities sales and collectibility for the original 3-year period. Total sales were $27,704,276 with $141,630 in uncollected money. The uncollectable rate was 0.51%. Unlike the US entities, there wasn’t an uptick during the 2022 and 2023 fiscal years.

Pending

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities to disclose, on an annual basis, a rate reconciliation presented in both dollars and percentages. The guidance requires the rate reconciliation to include specific categories and provides further guidance on disaggregation of those categories based on a quantitative threshold equal to 5% or more of the amount determined by multiplying pretax income (loss) from continuing operations by the applicable statutory rate. For entities reconciling to the US statutory rate of 21%, this would generally require disclosing any reconciling items that impact the rate by 1.05% or more. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The adoption of ASU 2023-09 is expected to have a financial statement disclosure impact only and is not expected to have a material impact on the Company’s consolidated financial statements.

F-16

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 2 – Summary of Significant Accounting Policies – Continued

In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures. The ASU will now require public entities to disclose its significant segment expenses categories and amounts for each reportable segment. Under the ASU, a significant segment expense is an expense that is:

● significant to the segment,

● regularly provided to or easily computed from information regularly provided to the chief operating decision maker and

● included in the reported measure of segment profit or loss.

The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024 (calendar year public entity will adopt the ASU in its 2024 Form 10-K). The ASU should be adopted retrospectively unless its impracticable to do so. Early adoption of the ASU is permitted, including in an interim period. The adoption of ASU 2023-07 is expected to have a financial statement disclosure impact only and is not expected to have a material impact on the Company’s consolidated financial statements.

Other recent accounting pronouncements issued by FASB did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

Impacts of Global Unrest and Instability On Our Business Operations

Global economic challenges, including the impact of emerging conflicts and wars around the globe, rising inflation, supply-chain disruptions, adverse labor market conditions could cause continued economic uncertainty and volatility. During the year ended December 31, 2023, the COVID-19 pandemic issues dissipated rapidly and did not have much lingering impact on our business, but inflation, high interest rates and other supply chain disruptions continued to have a significant negative impact on the UAV industry, our customers and our business globally. The aforementioned risks and their respective impact on the UAV industry and our operational and financial performance remain uncertain and outside of our control. Specifically, as a result of the aforementioned continuing risks, our ability to access components and parts needed in order to manufacture our proprietary drones and sensors, and to perform quality testing have been, and continue to be, impacted. If we or any of our third-parties in the supply chain for materials used in our manufacturing and assembly processes continue to be adversely impacted, our supply-chain may be further disrupted, limiting our ability to manufacture and assemble products. We expect inflation and supply chain disruptions and their effects to continue to have a significant negative impact on our business for an extended time period.

For the year ended December 31, 2023, our supply chain was adversely impacted by the lingering effects of the COVID-19 pandemic and other global economic challenges, causing material delays in the delivery of critical components associated with production of our newly developed sensors, that we began to sell in early 2022. These delays resulted in a significant backlog of purchase orders for our sensors. We continue to take steps to expand our supply sources and manufacturing capabilities in order to resolve the majority of our backlogged sensor orders and be better positioned to meet ongoing global market demand in the foreseeable future. While we believe we have largely overcome our supply chain challenges, this is an ongoing situation we will continue to monitor closely.

F-17

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 3 - Balance Sheet Accounts

Accounts Receivable, Net

As of December 31, 2023 and 2022, accounts receivable, net consist of the following:

Schedule of Accounts Receivable, Net

	December 31, 2023			December 31, 2022
Accounts receivable	$	2,216,235		$	2,229,840
Less: Allowance for credit losses*		(158,689	)		(16,800	)
Accounts receivable, net	$	2,057,546		$	2,213,040

*	Allowance for credit losses - Accounts receivable, net represent amounts billed and due from customers. Substantially all accounts receivable on December 31, 2023 are expected to be collected in 2024.

Customer Concentration

Accounts receivable concentration information for customers comprising more than 10% of the Company’s total net sales of such customers is summarized below:

Schedule of Customer Concentration

	Percent of total accounts receivable for year ended December 31,
Customers	2023			2022
Customer A		10.1	%		—	%

Inventories, Net

As of December 31, 2023 and 2022, inventories, net consist of the following:

Schedule of Inventories

	2023			2022
	December 31,
	2023			2022
Raw materials	$	4,648,966		$	5,288,206
Work in process		903,217			1,106,056
Finished goods		1,806,239			614,400
Gross inventories		7,358,422			7,008,662
Less: Provision for obsolescence		(421,442	)		(322,815	)
Inventories, net	$	6,936,980		$	6,685,847

Prepaid and Other Current Assets

As of December 31, 2023 and 2022, prepaid and other current assets consist of the following:

	2023		2022
	December 31,
	2023		2022
Prepaid inventories	$	12,738	$	281,484
Prepaid software licenses and annual fees		182,510		184,429
Prepaid rent		51,497		234,691
Prepaid insurance		166,210		167,794
Prepaid value-added tax charges		63,209		99,558
Prepaid other and other current assets		72,397		61,592
Prepaid and other current assets	$	548,561	$	1,029,548

F-18

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 3 - Balance Sheet Accounts– Continued

Property and Equipment, Net

As of December 31, 2023 and 2022, property and equipment, net consist of the following:

Schedule of Property and Equipment, Net

Type	(Years)		2023			2022
	Estimated Useful Life		December 31,
Type	(Years)		2023			2022
Leasehold improvements		3	$	136,382		$	106,837
Production tools and equipment		5		1,003,726			632,514
Computer and office equipment		3-5		407,747			507,637
Furniture		5		74,420			77,799
Drone equipment		3		170,109			170,109
Total property and equipment			$	1,792,384		$	1,494,896
Less: Accumulated depreciation				(992,492	)		(703,741	)
Total property and equipment, net			$	799,892		$	791,155

For the years ended December 31, 2023 and 2022, depreciation expense is classified within the consolidated statements of operations and comprehensive loss as follows:

Type	2023		2022
	For the Years Ended December 31,
Type	2023		2022
Cost of sales	$	—	$	266,468
General and administrative		257,092		179,461
Total	$	257,092	$	445,929

Accrued Liabilities

As of December 31, 2023 and 2022, accrued liabilities consist of the following:

Schedule of Accrued Expenses

	2023		2022
	December 31,
	2023		2022
Accrued purchases and customer deposits	$	290,126	$	102,319
Accrued compensation and related liabilities		278,794		774,916
Provision for warranty expense		303,217		288,807
Accrued dividends		512,227		172,596
Accrued professional fees		211,086		262,737
Accrued interest		326,945		—
Other		21,957		79,331
Total accrued liabilities	$	1,944,352	$	1,680,706

F-19

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 4 – Notes Receivable

Valqari

On October 14, 2020, in connection with, and as an incentive to the entry into a two-year exclusive manufacturing agreement (the “Manufacturing Agreement”) to produce a patented Drone Delivery Station for Valqari, LLC (“Valqari), the Company entered into, as payee, a Convertible Promissory Note pursuant to which the Company made a loan to Valqari (“Valqari”) in the principal aggregate amount of $500,000 (the “Note”). The Note accrues interest at a rate of three percent per annum.

The Note matured on April 15, 2021 (the “Maturity Date”), at which time all outstanding principal and interest that had accrued, but remained, unpaid was due. The Note provides for an automatic six month extension of the Maturity Date under the following circumstances (i) Valqari has received in writing, (x) a good faith acquisition offer at a consideration value greater than $15,000,000, (y) such offer, upon consummation, would result in a change in control (as defined in the note) of Valqari, and (z) at such time Valqari, is actively engaged in the negotiation or finalization of such acquisition transaction; or (ii) Valqari has initiated, or is in the process of initiating, a conversion to a “C-Corporation” under the Internal Revenue Code, whereas such conversion will be completed no later than one day prior to the extended Maturity Date. Valqari was not permitted to prepay the Note prior to the Maturity Date.

The Note is subject to customary representations and warranties by Valqari, as well as events of default, which may lead to acceleration of the payment of the Note such as (i) failure to pay all of the outstanding principal, plus accrued interest on the Maturity Date or Extended Maturity Date, (ii) Valqari filing a petition or action under any bankruptcy, or other law, or (iii) an involuntary petition is filed again Valqari under any bankruptcy statute (that is not dismissed or discharged within 60 days). The indebtedness evidenced by the Note is subordinated in right of payment to the prior payment in full of any senior indebtedness (as defined in the Note) in existence on the date of the Note or incurred thereafter.

On the Maturity Date, AgEagle demanded payment of the Note, including accrued interest, however, Valqari alleged that the Maturity Date was automatically extended to October 14, 2021 (“Extended Maturity Date”), for an additional six months. Upon the Extended Maturity Date, AgEagle demanded payment of the Note, including accrued interest; however, Valqari sought a substantial discount on the amount due under the Note to compensate for alleged breaches by AgEagle under the Manufacturing Agreement. AgEagle disputes the allegations of breach and believes that it is owed a net amount by Valqari under the Manufacturing Agreement, in addition to the amount due under the Note. On November 24, 2021, Valqari made a payment of principal on the Note of $315,000. The parties are continuing to negotiate, and the new management team has escalated efforts in an attempt to reach an amicable resolution of their disputes as quickly as possible; however, AgEagle reserves the right to take legal action to collect the Note in the event that a settlement is not reached.

F-20

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 5 – Intangible Assets, Net

As of December 31, 2023, intangible assets, net, other than goodwill, consist of following:

Name	Estimated Life (Years)		Balance as of December 31, 2022		Additions		Amortization			Impairment			Balance as of December 31, 2023
Intellectual property/technology		5-7	$	4,473,861	$	—	$	(808,968	)	$	(3,058,539	)	$	606,354
Customer base		3-10		2,885,657		—		(1,137,663	)		(748,220	)		999,774
Tradenames and trademarks		5-10		1,757,891		—		(207,944	)		(1,122,942	)		427,005
Non-compete agreement		—		335,933		—		(335,933	)		—			—
Platform development costs		—		1,332,516		357,724		(720,634	)		(969,606	)		—
Internal use software costs		3		721,795		203,889		(343,536	)		—			582,148
Total intangible assets, net			$	11,507,653	$	561,613	$	(3,554,678	)	$	(5,899,307	)	$	2,615,281

As of December 31, 2023, the gross carrying intangible assets, accumulated amortization, impairments, and net book value, consist of following:

Name	Weighted Average Estimated Used Life (Years)		Gross Carrying Amount		Accumulated Amortization			Impairment			Net Book Value as of December 31, 2023
Intellectual property/technology		4.25	$	5,671,026	$	(2,006,133	)	$	(3,058,539	)	$	606,354
Customer base		7.17		4,411,499		(2,663,505	)		(748,220	)		999,774
Tradenames and trademarks		7.17		2,082,338		(532,391	)		(1,122,942	)		427,005
Non-compete agreement		—		901,198		(901,198	)		—			—
Platform development costs		—		2,345,459		(1,375,853	)		(969,606	)		—
Internal use software costs		2.34		1,100,212		(518,064	)		—			582,148
Total intangible assets, net		3.42	$	16,511,732	$	(7,997,144	)	$	(5,899,307	)	$	2,615,281

As of December 31, 2022, intangible assets, net, other than goodwill, consist of the following:

Name	Estimated Life (Years)		Balance as of December 31, 2021		Additions		Amortization			Balance as of December 31, 2022
Intellectual property/technology	5-7		$	5,427,294	$	—	$	(953,433	)	$	4,473,861
Customer base	3-10			4,047,319		—		(1,161,662	)		2,885,657
Trade names and trademarks	5-10			1,985,236		—		(227,345	)		1,757,891
Non-compete agreement	2-4			831,501		—		(495,568	)		335,933
Platform development costs		3		995,880		817,029		(480,393	)		1,332,516
Internal use software costs		3		278,264		618,061		(174,530	)		721,795
Total intangible assets, net			$	13,565,494	$	1,435,090	$	(3,492,931	)	$	11,507,653

As of December 31, 2022, the gross carrying intangible assets, accumulated amortization, impairments, and net book value, consist of following:

Name	Weighted Average Estimated Used Life (Years)		Gross Carrying Amount		Accumulated Amortization			Impairment		Net Book Value as of December 31, 2022
Intellectual property/technology		5.99	$	5,671,026	$	(1,197,165	)	$	—	$	4,473,861
Customer base		8.17		4,411,499		(1,525,842	)				2,885,657
Tradenames and trademarks		8.17		2,082,338		(324,447	)		—		1,757,891
Non-compete agreement		0.68		901,198		(565,265	)		—		335,933
Platform development costs		2.97		1,987,735		(655,219	)		—		1,332,516
Internal use software costs		2.97		896,325		(174,530	)				721,795
Total intangible assets, net		4.75	$	15,950,121	$	(4,442,468	)	$	—	$	11,507,653

As of December 31, 2023 and 2022 the weighted average remaining amortization period in years was 3.42 and 4.75 years, respectively. Amortization expense for the years ended December 31, 2023 and 2022 was $3,554,678 and $3,492,931, respectively. For the year ended December 31, 2023 and 2022, amortization expense of $720,635 and 480,393 related to the platform development costs was included as part of the cost of goods sold.

The annual intangible impairment conducted during the fourth quarter of 2023 indicated that the fair value of the SaaS and the Company’s Drones reporting units were less than carrying value. Accordingly, the Company recorded an impairment charge to SaaS and Drones units for $2,398,618 and $3,500,689, respectively, which is included in “Impairment” on the accompanying consolidated statements of operations and comprehensive loss.

F-21

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 5 – Intangible Assets, Net- Continued

For the following years ending, the future amortization expenses consist of the following:

	2024		2025		2026		2027		2028		Thereafter		Total
	For the Years Ending December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
Intellectual property/ technology	$	148,495	$	148,495	$	148,495	$	148,495	$	12,374	$	—	$	606,354
Customer base		141,145		141,145		141,145		141,145		141,145		294,049		999,774
Trade names and trademarks		60,283		60,286		60,283		60,283		60,283		125,587		427,005
Internal use software costs		366,984		191,249		23,915		—		—		—		582,148
Total Intangible Assets, Net	$	716,907	$	541,175	$	373,838	$	349,923	$	213,802	$	419,636	$	2,615,281

Note 6 – Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of net assets acquired, when accounted for by the acquisition method of accounting. As of December 31, 2023, the goodwill balance relates to business acquisitions completed in 2021.

The annual impairment assessment conducted during the third and fourth quarter of 2023 indicated that the fair value of the SaaS and the Company’s Sensor reporting units were less than the carrying value. The impairment assessment of the SaaS and the Company’s Sensor reporting units was considered lower than forecasted sales and profitability along with declining markets conditions, declining stock price and changes in our technologies. Accordingly, the Company recorded an impairment charge to SaaS and Sensor for $4,206,515 and $11,570,252, respectively, during the year ended December 31, 2023.

As of December 31, 2023 and 2022, the change in the carrying value of goodwill for our operating segments (as defined in Note 16) is listed below:

	Drones			Sensors			SaaS			Total
Balance as of December 31, 2020	$	—		$	—		$	3,108,000		$	3,108,000
Acquisitions		12,655,577			18,972,896			42,488,730			74,117,203
Impairment		—			—			(12,357,921	)		(12,357,921	)
Balance as of December 31, 2021		12,655,577			18,972,896			33,238,809			64,867,282
Impairment		(12,655,577	)		—			(29,032,294	)		(41,687,871	)
Balance as of December 31, 2022		—			18,972,896			4,206,515			23,179,411
Impairment		—			(11,570,252	)		(4,206,515	)		(15,776,767	)
Balance as of December 31, 2023	$	—		$	7,402,644		$	—		$	7,402,644

Note 7 – COVID Loan

In connection with the senseFly Acquisition, the Company assumed the obligations for two COVID Loans originally made by the SBA to senseFly S.A. on July 27, 2020 (“senseFly COVID Loans”). As of senseFly Acquisition Date, the fair value of the COVID Loan was $1,440,046 (“senseFly COVID Loans”). For the twelve months ended December 31, 2023 and 2022, senseFly S.A. made the required payments on the senseFly COVID Loans, including principal and accrued interest, aggregating approximately $91,856 and $345,484, respectively. As of December 31, 2023, the Company’s outstanding obligations under the senseFly COVID Loans are $880,582. On August 25, 2023, the Company modified one (1) of its existing agreements to extend the repayment period of the COVID Loan from a maturity date of December 2023 to June 2025. The other COVID loan remains unchanged.

F-22

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 7 – COVID Loan- Continued

As of December 31, 2023, scheduled principal payments due under the senseFly COVID Loans are as follows:


Year Ending December 31,
2024	$	391,545
2025		195,381
2026		97,887
2027		195,769
Total	$	880,582

Note 8 – Promissory Note

On December 6, 2022, the Company entered into a Securities Purchase Agreement (the “Promissory Note Purchase Agreement”) with an institutional investor (the “Investor”) which is an existing shareholder of the Company. Pursuant to the terms of the Promissory Note Purchase Agreement, the Company has agreed to issue to the Investor (i) an 8% original issue discount promissory note (the “Note”) in the aggregate principal amount of $3,500,000, and (ii) a common stock purchase warrant (the “Promissory Note Warrant”) to purchase up to 5,000,000 shares of the Company’s Common Stock (the “Shares”) at an exercise price of $0.44 per share, subject to standard anti-dilution adjustments. The Note is an unsecured obligation of the Company. It has an original issue discount of 4% and bears interest at 8% per annum. The Company received net proceeds of $3,285,000 net of the original issue discount of $140,000 and $75,000 of issuance costs. The Promissory Note Warrant is not exercisable for the first six months after issuance and has a five-year term from the initial exercise date of June 6, 2023.

The Company determined the estimated fair value of the common stock warrants issued with the Note to be $1,847,200 using a Black-Scholes pricing model. In accordance with ASC 470-20, Debt, the Company recorded a discount of $1,182,349 on the Note based on the relative fair value of the warrants and total proceeds. At Note issuance, the Company recorded a total discount on the debt of $1,397,350 comprised of the relative fair value of the warrants, the original issue discount, and the issuance costs. The aggregate discount will be amortized into interest expense over the approximate two-year term of the Note.

Beginning June 1, 2023, and on the first business day of each month thereafter, the Company shall pay 1/20^th of the original principal amount of the Note plus any accrued but unpaid interest, with any remaining principal plus accrued interest payable in full upon the maturity date of December 31, 2024 or the occurrence of an Event of Default (as defined in the Note). In addition, to the extent the Company raises any equity capital (by private placement, public offering or otherwise), the Company shall utilize 50% of the net proceeds from such equity financing to prepay the Note, within two business days of the Company’s receipt of such funds. In the event such equity financing is provided by the Investor, pursuant to the terms of that certain Securities Purchase Agreement, dated as June 26, 2022, or otherwise (an “Additional Investment”), the Investor shall agree to accept 50% less warrant coverage in connection with such Additional Investment, up to $3,300,000 of such Additional Investment.

On August 14, 2023, the Company and Investor entered into a Note Amendment Agreement due to the Company not making the Monthly Amortization Payments for the months of June – August 2023. Pursuant to the Note Amendment Agreement, the parties agreed to amend the Note as follows:

	(i)	defer payment of the Monthly Amortization Payments for June 2023, July 2023 and August 2023 in the aggregate amount of $525,000 (the “Deferred Payments”), and the September Monthly Amortization Payment, in the amount of $175,000, until September 15, 2023. As of September 30, 2023, the Deferred Payments per the terms of the Amended Note were not made (see below).

	(ii)	increase the principal amount of the Note by $595,000 so that the current principal amount of the Note was $4,095,000.

F-23

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 8 – Promissory Note- Continued

The Note Amendment Agreement resulted in a debt extinguishment due to the modified terms of the Note being substantially different than the original terms primarily due to the substantial increase in principal of $595,000. In accordance with ASC 470-50-40-2, the Company recorded a loss on debt extinguishment of $1,933,368 for the difference between the reacquisition price of the debt, of $4,095,000 and the net carrying amount of the extinguished debt of $2,571,133 comprised of $3,500,000 of principal less $928,867 of unamortized debt discounts and issuance costs on the original debt.

On September 15, 2023, the Company and Investor entered into a Warrant Exchange Agreement pursuant to which the Company agreed to issue to the Investor 5,000,000 shares of common stock in exchange for the Warrant for no consideration. The Company accounted for the incremental value of the Promissory Note Warrant modification of $190,500 as an increase in additional paid-in capital and interest expense on the consolidated statements of operations and comprehensive loss. The incremental value was computed using a Black-Scholes pricing model pre and post modification and the following inputs: stock price $.19, exercise price $.44 (pre modification) and $0 (post modification), volatility of 129%, and discount rate of 4.45%.

As result of the default on the payment for September 15, 2023, October 1, 2023 and November 1, 2023, the principal increased by $409,500 for a total balance of $4,504,500.

On October 5, 2023, the Company and the Investor entered into a Second Note Amendment Agreement (the “Second Amendment”), which provides for the following:

	(i)	the Deferred Payments shall be due and payable on December 15, 2023;

	(ii)	the Amortization Payments (defined in the Note) scheduled for September 15, 2023, October 1, 2023, and November 1, 2023, shall be deferred and made part of the Amortization Payments commencing in January 2024; and

	(iii)	50% of any net proceeds above $2,000,000 from any equity financing between the date of the Second Amendment and December 15, 2023, shall be used to prepay the Note. The Second Amendment also partially waives the Event of Default in Section 3 (a)(vii) of the Note as a result of the resignation of a majority of the officers listed therein.

As of December 15, 2023, the Company was unable to meet its payment obligation as prescribed in the Second Amendment. Subsequently, On February 8, 2024, AgEagle Aerial Systems Inc. entered into a Securities Purchase Agreement (the “SPA”), as subsequently amended, with Alpha Capital Anstalt (“Alpha”), increasing the principal balance by $595,000 to $4,504,000.

During the year ended December 31, 2023, the Company recognized $412,188 of interest expense related to the amortization of the discounts prior to the debt extinguishment which has been included in interest expense on the consolidated statements of operations and comprehensive loss. As of December 31, 2023, the unamortized discount was $0.

During the year ended December 31, 2023, the Company recorded $326,945 of interest expense related to the Note in the consolidated statements of operations and comprehensive loss, and as of December 31, 2023, there is $326,945 of accrued interest included in accrued liabilities on the consolidated balance sheet.

As of December 31, 2023, scheduled principal payments due under the Second Amended Note are as follows:

Schedule of principal payments due

Year Ending December 31,
2024	$	4,504,500
Total	$	4,504,500

F-24

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity

Capital Stock Issuances

Common Stock and Warrant Transaction

On June 5, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”). Pursuant to the terms of the Purchase Agreement, the Company has agreed to issue and sell to Investors (i) 16,720,000 shares of Common Stock (the “Offering Shares”) at $0.25 per share and (ii) warrants to purchase up to 25,080,000 shares of common stock (the “Warrants”), exercisable at $0.38 per share (the “Warrant Shares” together with the Warrants and Offering Shares, the “Securities”) and raised gross sales proceeds of $4,180,000. The Warrant is for a term of 5.5 years commencing on the closing date but is not exercisable for the first six months after closing. As a result, pursuant to the Purchase Agreement the Company issued 16,720,000 shares of Common Stock for proceeds of $3,817,400, net of issuance costs from the offering and warrants to purchase up to 25,080,000 shares of common stock exercisable at $0.38 per share.

Pursuant to the terms of the Purchase Agreement, the Company has agreed to certain restrictions on future stock offerings, including that during the 90 day period following the date of the execution of the Purchase Agreement, the Company will not (i) issue (or enter into any agreement to issue) any shares of common stock or common stock equivalents, subject to certain exceptions, or (ii) file any registration statement or any amendment or supplement thereto relating to the offering or resale of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of Company, subject to certain exceptions. From the date of the execution of the Purchase Agreement until the six (6) month anniversary of the date of closing, neither the Company nor any Subsidiary shall effect or enter into an agreement to effect any issuance by the Company or any of its Subsidiaries of shares of common stock or common stock equivalents (or a combination of units thereof) involving a variable rate transaction, subject to certain exceptions.

For twelve (12) months following the closing date of the Offering, in the event the Company or any of its subsidiaries proposes to offer and sell shares of Common Stock or common stock equivalents (the “Offered Securities”) to investors primarily for capital raising purposes (each, a “Future Offering”), the Investors shall have the right, but not the obligation, to participate in each such Future Offering in an amount of up to 50% in the aggregate of the Offered Securities.

The Offering Shares were issued pursuant to a prospectus supplement and was filed with the Securities and Exchange Commission (the “Commission”) on June 7, 2023, and the prospectus included in the Company’s Registration Statement on Form S-3 (Registration No. 333-252801), which was filed with the Commission on April 23, 2021, and was declared effective on May 6, 2021. The Warrants were issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and have not been registered under the Securities Act, or applicable state securities laws.

The Warrants were issued on the date of closing. The exercise price of the Warrants and the number of Warrant Shares issuable upon the exercise thereof will be subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization, or similar transaction, as described in the Warrants, but has no anti-dilution protection provisions. The Warrants will be exercisable on a “cashless” basis only in the event there is no effective registration statement registering, or the prospectus contained therein is not available for the sale of the Warrant Shares. The Warrants contain a beneficial ownership limitation, such that none of such Warrants may be exercised, if, at the time of such exercise, the holder would become the beneficial owner of more than 4.99% or 9.99%, as determined by the Investor, of the Company’s outstanding shares of Common Stock following the exercise of such Warrant.

Pursuant to the terms of the Purchase Agreement, the Company filed a registration statement on Form S-1 Registration No. 333-273332), which was declared effective on July 27, 2023, providing for the resale by the Investors of the Warrant Shares issuable upon exercise of the Warrants.

F-25

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

In connection with the Offering, the Company also entered into a Lock-up Agreement with the Investors and each officer and director of the Company (collectively, the “Shareholders”), for the benefit of the Investors, with respect to the shares beneficially owned the Shareholders. The restrictions on the disposition of the shares were for a period of 30 days from the date of the closing of the Offering, except for the continuous use of any existing Rule 10b5-1 trading plan and other customary exceptions.

On November 15, 2023, subsequent to the Company’s receipt of Investor Notices from the Investor and the Assignees, the Company entered into a Securities Purchase Agreement with three accredited investors (the “Accredited Investors”) pursuant to which the Company sold to the Accredited Investors 1,500,000 shares of Common Stock at $0.10 per share for an aggregate purchase price of $150,000 pursuant to the Company’s Registration Statement on Form S-3 (Registration No. 333-252801), which was initially filed with the United States Securities and Exchange Commission (the “SEC”) on February 5, 2021 and was declared effective on May 6, 2021.

Preferred Series F Convertible Stock

On June 26, 2022 (the “Series F Closing Date”), the Company entered into a Securities Purchase Agreement (the “Series F Agreement”) with Alpha Capital Anstalt (“Alpha”). Pursuant to the terms of the Series F Agreement, the Board of Directors of the Company (the “Board”) designated a new series of Preferred Stock, the Series F 5% Preferred Convertible Stock (“Series F”), and authorized the sale and issuance of up to 35,000 shares of Series F. The Company issued to Alpha 10,000 shares of Series F for an aggregate purchase price and gross proceeds of $10,000,000; however, the Company received proceeds of $9,920,000 net of issuance costs. The shares of Series F are convertible into 16,129,032 shares of Common Stock at $0.62 per share, subject to adjustment. Alpha will be entitled to receive cumulative dividends at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, payable on January 1, April 1, July 1 and October 1, beginning on the first conversion date and subsequent conversion dates.

In connection with the Series F Agreement the Company issued a warrant to Alpha to purchase 16,129,032 shares of Common Stock, par value $0.001 per share (“Series F Warrants”) with an exercise price equal to $0.96, subject to adjustment, per share of Common Stock. The Series F Warrant, and the shares of Common Stock underling the Series F Warrant are collectively referred to as the “Series F Warrant Shares”. The Series F Warrant is not exercisable for the first six months after its issuance and has a three-year term from its exercise date. Upon exercise of the Series F Warrants in full by Alpha, the Company would receive additional gross proceeds of approximately $10,000,000.

Alpha has the right, subject to certain conditions, including shareholder approval, to purchase up to $25,000,000 of additional shares of Series F and Series F Warrants (collectively, the “Series F Option”). The Series F Option will be available for a period of eighteen months after such shareholder approval at a purchase price equal to the average of the volume weighted average price for three trading days prior to the date that Alpha gives notice to the Company that it will exercise the Series F Option.

Commencing from the Series F Closing Date and for a period of six months thereafter, upon any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock equivalents for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), Alpha will have the right to participate in up to an amount of the Subsequent Financing equal to 50% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing. Preferred Stock has no voting rights, except that the Company shall not undertake certain corporate actions as set forth in the Certificate of Designation that would materially impact the holders of Preferred Stock without their consent.

F-26

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

On December 6, 2022, upon the issuance of the promissory note and common stock warrants with an exercise price of $0.44 (see Note 8), a down round or anti-dilution trigger event occurred resulting in the conversion rate on the Series F and the exercise price of the Series F Warrants issued with the Series F adjusting down to $0.44 from $0.62 and $0.96, respectively (the “December Down Round Trigger”). The December Down Round Trigger resulted in the Company recognizing a deemed dividend on the common stock warrants and Series F of $565,161 and $1,680,216, respectively, or aggregate deemed dividend of $2,245,377, for the incremental value to the warrant and Series F holder resulting from the reduction in exercise price and conversion price.

The deemed dividend on the Series F Warrants represents the difference between fair value of the Series F Warrants under the original terms before the December Down Round Trigger and the fair value of the Series F Warrants after December Down Round Trigger at the reduced exercise price. The fair value of the Series F Warrants was determined using a Black-Scholes pricing model and the following assumptions: expected life of 3 years, volatility of 150%, risk free rate of 3.77%, and dividend rate of 0%.

On March 9, 2023, the Company received an Investor Notice from Alpha to purchase an additional 3,000 shares of Series F Convertible Preferred (the “Additional Series F Preferred”). Each share of Additional Series F Preferred is convertible into 2,381 shares of the Company’s Common Stock per $1,000 Stated Value per share of Series F Preferred Stock, at a conversion price of $0.42 per share and associated common stock warrants to purchase up to 7,142,715 shares of Common Stock at the exercise price of $0.42 per share warrant (the “Additional Warrant”) for an aggregate purchase price of $3,000,000. The Additional Warrant is exercisable upon issuance and has a three-year term. On March 10, 2023, the Company issued and sold the Additional Series F Preferred and the Additional Warrant.

As a result of issuing the additional 3,000 shares of Series F Convertible Preferred, a down round or anti-dilution trigger event occurred, resulting in the conversion rate on the Series F and the exercise price of the Series F Warrants issued with the Series F adjusting down to $0.42 from $0.44 (the “March Down Round Trigger”). The March Down Round Trigger resulted in the Company recognizing a deemed dividend on the common stock warrants and Series F Preferred Stock of $38,226 and $217,750, respectively, or aggregate deemed dividend of $255,976, for the incremental value to the warrant and Series F holder resulting from the reduction in exercise price and conversion price.

The deemed dividend on the Series F Warrants represents the difference between fair value of the Series F Warrants under the original terms before the March Down Round Trigger and the fair value of the Series F Warrants after March Down Round Trigger at the reduced exercise price. The fair value of the Series F Warrants was determined using a Black-Scholes pricing model and the following assumptions: expected life of 3 years, volatility of 131%, risk free rate of 4.46%, and dividend rate of 0%.

Upon the issuance of the Offering Shares and Warrants on June 8, 2023, a down round or anti-dilution trigger event occurred resulting in the conversion price of the remaining Series F Preferred Stock and the exercise price of the Series F Warrants adjusting down from $0.42 per share to $0.25 per share (the “June Down Round Trigger”). The June Down Round Trigger resulted in the Company recognizing a deemed dividend on the common stock warrants and Series F Preferred Stock of $787,823 and $3,867,095, respectively, or an aggregate deemed dividend of $4,654,918, for the incremental value to the warrant and Series F holder resulting from the reduction in exercise price and conversion price.

The deemed dividend on the Series F Warrants represents the difference between fair value of the Series F Warrants under the original terms before the down round trigger and the fair value of the Series F Warrants after down round trigger at the reduced exercise price. The fair value of the Series F Warrants was determined using a Black-Scholes pricing model and the following assumptions: expected life of 2.5 years, volatility of 106%, risk free rate of 4.28%, and dividend rate of 0%.

F-27

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

On November 15, 2023, the Company entered into an Assignment, Waiver and Amendment Agreement (the “Assignment Agreement”) with the Investor pursuant to which, among other things, (i) the Investor transferred and assigned to certain institutional and accredited investors (the “Assignees”), the rights and obligations to purchase up to $1,850,000 of Preferred Stock pursuant to the Additional Investment Right provided in the Original Purchase Agreement (the “Assigned Rights”), (ii) the Original Purchase Agreement was amended so that the Assignees are party thereto and have the same rights and obligations thereunder as the Investor to the extent of the Assigned Rights, (iii) the time period during which the Investor can provide an Investor Notice was extended from August 3, 2024 until February 3, 2025; and (iv) the Investor and the Company agreed to a onetime waiver of the Minimum Subscription Requirement to allow exercise of the Assigned Rights.

The foregoing description of the Assignment Agreement does not purport to be complete and is qualified in its entirety by reference to the Assignment Agreement, filed as Exhibit 10.2 to this Current Report and incorporated by reference herein.

Pursuant to the Investor Notices received by the Company from the Investor and the Assignees on November 15, 2023, delivered in connection with the Assignment, the Investor and the Assignees have provided notices of their desire to purchase 1,850 shares of Preferred Stock (the “November Additional Series F Preferred”) convertible into 14,835,605 shares of Common Stock (the “November Conversion Shares”) at a conversion price of $0.1247 per share and warrants (the “November Additional Warrants”) to purchase up to 14,835,605 shares of our Common Stock an exercise price of $0.1247 per share for an aggregate purchase price of $1,850,000. The November Additional Warrants will be exercisable upon issuance and have a three-year term.

As a result of issuing the additional 1,850 shares of Series F Convertible Preferred, a down round or anti-dilution trigger event occurred, resulting in the conversion rate on the Series F and the exercise price of the Series F Warrants issued with the Series F adjusting down to $0.10 from $0.25 (the “November Down Round Trigger”). The November Down Round Trigger resulted in the Company recognizing a deemed dividend on the common stock warrants and Series F Preferred Stock of $865,016 and $5,832,000, respectively, or aggregate deemed dividend of $6,697,016, for the incremental value to the warrant and Series F holder resulting from the reduction in exercise price and conversion price.

The deemed dividend on the Series F Warrants represents the difference between fair value of the Series F Warrants under the original terms before the down round trigger and the fair value of the Series F Warrants after down round trigger at the reduced exercise price. The fair value of the Series F Warrants was determined using a Black-Scholes pricing model and the following assumptions: expected life of 2 years, volatility of 89%, risk free rate of 4.90%, and dividend rate of 0%.

Additionally, on November 15, 2023, the Company entered into a letter agreement (the “Engagement Agreement”) with Dawson James Securities, Inc. (“Dawson”) pursuant to which Dawson has agreed to serve as the sole placement agent for the Company, on a reasonable best efforts basis, in connection with the proposed placement of the Company’s Series F Preferred (as defined below) and associated warrants to purchase Common Stock as well as Common Stock (the “Offering”).

Pursuant to the Engagement Agreement, the Company will issue to Dawson warrants to purchase 1,483,560 shares of Common Stock (the “Placement Agent Warrants”), equal to 10% of the total number of Warrants sold in the Offering. These Placement Agent Warrants will have the same terms as the November Additional Warrants except that such Placement Agent Warrants will have a five (5) year term and will not include any anti-dilution protection provisions in connection with a subsequent equity issuance, or otherwise.

All deemed dividends to the Series F stockholder were recorded as additional paid in capital and an increase to accumulated deficit and as an increase to loss attributable to Common Stockholders in computing earnings (loss) per share on the consolidated statements of operations and comprehensive loss.

F-28

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

As of December 31, 2023, Alpha converted 3,588 shares of Series F into 17,304,762 shares of Common Stock. As a result, for the same periods, the Company recorded $339,631 cumulative dividends, which are included in accrued expenses on the consolidated balance sheets, at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, beginning on the first conversation date of June 30, 2022.

As of December 31, 2022, Alpha had converted 4,137 shares of Series F into 6,804,545 shares of Common Stock and recorded $172,596 cumulative dividends at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, beginning on the first conversation date of June 30, 2022.

As of December 31, 2023, the Company has outstanding common stock warrants of 64,670,912 with an exercise price ranging from $0.1247 to $0.3800 and a weighted-average contractual term remaining of 3.43 years that were issued in connection with the transaction discussed above (see Note 11).

At-the-Market Sales Agreement

In accordance with a May 25, 2021, at-the-market Sales Agreement with Stifel, Nicolaus & Company, Incorporated and Raymond James & Associates, Inc. as sales agents, the Company sold 4,251,151 shares of Common Stock at a share price between $1.04 and $1.18, for proceeds of $4,583,341, net of issuance costs of $141,754, in 2022. For the twelve months ended December 31, 2023, there were no at-the-market sales.

Acquisition of senseFly

In accordance with the terms of the senseFly S.A. Purchase Agreement, the Company issued 1,927,407 shares of Common Stock to Parrot Drones S.A.S. (“Parrot”) in January 2022 having an aggregate value of $3,000,000, based on a volume weighted average trading price of the Common Stock over a ten consecutive trading day period prior to the date of issuance of the shares of Common Stock to Parrot.

Acquisition of Measure

Pursuant to the terms of the Measure Acquisition Purchase Agreement (the “Purchase Agreement”) the Company issued an aggregate of 5,319,145 shares of the Company’s common stock to the Sellers of Measure as part of the consideration for the acquisition, of which 997,338 shares were held back (the “Heldback Shares”) to cover post-closing indemnification claims and to satisfy any purchase price adjustments (see also disclosure above). Pursuant to the terms of the Purchase Agreement, the Heldback Shares were scheduled to be released in three tranches, on the 12-month, 18-month and 24-month anniversary of the closing date of the acquisition. The Company made a claim for indemnification against the Heldback Shares. Pursuant to the Settlement Agreement entered on August 22, 2022 the Company released all the Measure shares held in escrow along with any disputes regarding the 997,338 Heldback Shares. As a result, 498,669 of the Heldback Shares were released to the Measure Sellers with the remaining 498,669 Heldback Shares being cancelled by the Company which reduced the issued and outstanding common stock and causing an increase to stockholders’ equity of $2,812,500.

Exercise of Common Stock Options

For the twelve months ended December 31, 2023, there was no exercise of stock options. For the twelve months ended December 31, 2022, 185,000 shares of Common Stock were issued respectively in connection with the exercise of stock options previously granted at exercise price between $0.31 and $0.41 resulting in gross proceeds of $74,350.

F-29

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

Stock-Based Compensation

The Company determines the fair value of awards granted under the Equity Plan based on the fair value of its Common Stock on the date of grant. Stock-based compensation expenses related to grants under the Equity Plan are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss.

2017 Omnibus Equity Incentive Plan

On March 26, 2018, the 2017 Omnibus Equity Incentive Plan (the “Equity Plan”) became effective. Under the Equity Plan, the Company may grant equity-based and other incentive awards to officers, employees, and directors of, and consultants and advisers to, the Company. The purpose of the Equity Plan is to help the Company attract, motivate, and retain such persons and thereby enhance shareholder value. The Equity Plan shall continue in effect, unless sooner terminated, until the tenth (10th) anniversary of the date on which it is adopted by the Board (except as to awards outstanding on that date). The Board in its discretion may terminate the Equity Plan at any time with respect to any shares for which awards have not theretofore been granted; provided, however, that the Equity Plan’s termination shall not materially and adversely impair the rights of a holder, without the consent of the holder, with respect to any award previously granted. On June 18, 2019, at the Annual Meeting of Shareholders of the Company, the shareholders approved a proposal to increase the number of shares of Common Stock reserved for issuance under the Equity Plan from 2,000,000 to 3,000,000.

On July 15, 2020, the Company held its 2020 annual meeting of stockholders and approved a proposal to increase the number of shares of Common Stock reserved for issuance under the Equity Plan from 3,000,000 to 4,000,000. To the extent that an award lapses, expires, is canceled, is terminated unexercised or ceases to be exercisable for any reason, or the rights of its holder terminate, any shares subject to such award shall again be available for the grant of a new award. The number of shares for which awards which are options or stock appreciation rights (“SARs”) may be granted to a participant under the Equity Plan during any calendar year is limited to 500,000. For purposes of qualifying awards as “performance-based” compensation under Code Section 162(m), the maximum amount of cash compensation that may be paid to any person under the Equity Plan in any single calendar year shall be $500,000.

On June 16, 2021, the Company held its 2021 annual meeting of stockholders and approved a proposal to increase the number of shares of Common Stock reserved for issuance under the Equity Plan from 4,000,000 to 10,000,000. To the extent that an award lapses, expires, is canceled, is terminated unexercised or ceases to be exercisable for any reason, or the rights of its holder terminate, any shares subject to such award shall again be available for the grant of a new award. The number of shares for which awards which are options or SARs may be granted to a participant under the Equity Plan during any calendar year is limited to 500,000. For purposes of qualifying awards as “performance-based” compensation under Code Section 162(m), the maximum amount of cash compensation that may be paid to any person under the Equity Plan in any single calendar year shall be $500,000.

On November 14, 2023, the Company held its 2023 annual meeting of stockholders and approved a proposal to increase the number of shares of Common Stock reserved for issuance under the Equity Plan from 10,000,000 to 15,000,000.

The Company determines the fair value of awards granted under the Equity Plan based on the fair value of its Common Stock on the date of grant.

Stock-based compensation expenses related to grants under the Equity Plan are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss.

F-30

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

Restricted Stock Units (“RSUs”)

For the year ended December 31, 2023, a summary of RSU activity is as follows:

	Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022		1,028,960		$	2.31
Granted		3,227,151			0.26
Canceled		(173,823	)		1.45
Vested and released		(1,028,788	)		0.21
Outstanding as of December 31, 2023		3,053,500		$	0.90
Vested as of December 31, 2023		2,860,898		$	0.93
Unvested as of December 31, 2023		192,602		$	0.49

For the year ended December 31, 2023, the aggregate fair value of RSUs at the time of vesting was $839,247.

As of December 31, 2023, the Company had $39,280 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately eleven months. During the year ended December 31, 2023, the Company recognized $975,282 of stock compensation related to restricted stock units.

For the year ended December 31, 2022, a summary of RSU activity is as follows:

	Shares			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021		1,147,250		$	3.78
Granted		749,067			0.93
Canceled		(271,000	)		2.79
Vested and released		(596,357	)		3.18
Outstanding as of December 31, 2022		1,028,960		$	2.31
Vested as of December 31, 2022		471,484		$	3.23
Unvested as of December 31, 2022		557,476		$	1.53

For the year ended December 31, 2022, the aggregate fair value of RSUs at the time of vesting was $697,361.

As of December 31, 2022, the Company had $425,878 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately sixteen months. During the year ended December 31, 2022, the Company recognized $1,780,234 of stock compensation related to restricted stock units.

F-31

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

Issuance of RSUs to Current Officers and Directors of the Company

On December 29, 2023, upon recommendation of the Compensation Committee of the Board (“Compensation Committee”), in lieu of the payment of $55,133 for the three Board members as quarterly cash compensation, three (3) non-executive directors received 551,333 RSUs equal to $55,133, which were immediately vested, also in lieu of the issuance of stock options for the purchase of 30,000 shares of common stock, for each of these three (3) non-executive directors received a total of 90,000 in restricted stock awards, which vested immediately for a fair value of $9,000 in the aggregate or $3,000 each.

On December 22, 2023, the Company granted its former chief commercial officer 579,923 RSUs as part of the resignation agreement. Mr. O’Sullivan’s termination was effective December 8, 2023.

On September 29, 2023, upon recommendation of the Compensation Committee, in lieu of the payment of $15,000 for each Board member or a total of $45,000 as quarterly cash compensation, three (3) non-executive directors each received 88,235, totaling 264,705 RSUs equal to $45,000, which were immediately vested, also in lieu of the issuance of stock options for the purchase of 30,000 shares of common stock, for each of these three (3) non-executive directors received a total of 90,000 in restricted stock awards, which vested immediately for a fair value of $15,300 in the aggregate or $5,100 each.

On May 11, 2023, upon recommendation of the Compensation Committee, the Board granted to the officers of the Company in connection with the 2022 executive compensation plan 968,690 RSUs, which vested immediately.

On March 29, 2023, upon recommendation of the Compensation Committee, the Board granted to the officers of the Company in connection with the 2022 executive compensation plan 640,000 RSUs, which vested immediately.

For the twelve months ended December 31, 2023, the Company recognized stock-based compensation expense of $828,130, based upon the market price of its Common Stock between $0.10 and $0.42 per share on the date of grant of these RSUs.

On June 13, 2022, the Company released 354,107 shares of Common Stock to its former chief executive officer, Mr. Brandon Torres Declet (“Mr. Torres Declet”). The issuance of Common Stock included, in connection with the Measure Acquisition, an award of 125,000 RSUs issued in 2021, an award of 75,000 RSUs issued in connection with the 2021 executive compensation plan, an award of 111,607 RSUs as agreed upon in a separation agreement, and 42,500 shares in satisfaction of a performance bonus for 2021 approved by the Compensation Committee of the Board of Directors in 2022.

On April 11, 2022, the Company granted an officer 46,367 RSUs, which vested immediately. For the year ended December 31, 2022, the Company recognized stock-based compensation expense of $46,831, based upon the market price of its Common Stock of $1.01 per share on the date of grant of these RSUs. Additionally, on the same date, the Company granted the same officer 46,367 RSUs, which vests over a period from the date of grant through the first anniversary of the senseFly Acquisition Date. For year ended December 31, 2022, the Company recognized stock-based compensation expense of $46,831, based upon the market price of its Common Stock of $1.01 per share on the date of grant of these RSUs.

For the year ended December 31, 2022, the Company recognized stock-based compensation expense of $125,000, based upon the market price of its Common Stock of $1.12 per share on the date of grant for the 111,607 RSUs issued as part of the separation agreement. Additionally, for the 42,500 RSUs, the Company recognized stock-based compensation expense of $48,025 based upon the market price of its Common Stock of $1.13 per share on the date of grant. For the year ended December 31, 2021, the Company recognized stock-based compensation expense of $545,216, based upon the market price of its Common Stock of $5.40 and $2.94 per share on the date of grant for the 125,000 and 75,000 shares, respectively, granted in 2021.

F-32

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

On March 1, 2022, upon recommendation of the Compensation Committee the Board, in connection 2021 executive compensation plan granted an officer of the Company was granted 62,500 RSUs, which vested immediately. For the year ended December 31, 2022, the Company recognized stock-based compensation expense of $68,750, based upon the market price of its Common Stock of $1.10 per share on the date of grant of these RSUs.

On January 1, 2022, upon recommendation of the Compensation Committee, the Board issued to an officer two grants of 50,000 RSUs each, in connection with a bonus way forward plan. These two grants vest over nine and twenty-one months, respectively, from the date of grant. For the year ended December 31, 2022, the Company recognized stock-based compensation expense of $44,840 and $78,500, based upon the market price of its Common Stock of $1.57 per share on the date of grant of these RSUs.

Stock Options

For the year ended December 31, 2023, a summary of the options activity is as follows:

Summary of Options Activity

	Shares			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2022		2,561,231		$	2.18	$	1.19		3.33	$	31,124
Granted		325,000			0.32		0.15		3.02		—
Exercised		—			—		—		—		—
Expired/forfeited		(380,999	)		1.83		0.99		—		—
Outstanding as of December 31, 2023		2,505,232		$	2.00	$	1.08		1.49	$	2,294
Exercisable as of December 31, 2023		2,309,199		$	2.13	$	1.16		1.27	$	2,294

As of December 31, 2023, the Company has $37,409 of total unrecognized compensation cost related to stock options, which will be amortized over approximately twenty-eight months. During the year ended December 31, 2023, the Company recognized $330,047 of stock compensation related to stock options.

The company uses the Black-Scholes valuation model to estimate the fair market value of the stock options at the grant date as of December 31, 2023.

For the year ended December 31, 2022, a summary of the options activity is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2021		2,541,667		$	2.88	$	1.57		4.27	$	1,244,029
Granted		512,065			0.66		0.32		3.02		—
Exercised		(185,000	)		0.40		0.29		—		—
Expired/forfeited		(307,501	)		6.47		3.46		—		—
Outstanding as of December 31, 2022		2,561,231		$	2.18	$	1.19		3.33	$	31,124
Exercisable as of December 31, 2022		2,046,309		$	2.37	$	1.30		3.06	$	31,124

F-33

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 9 – Equity- Continued

As of December 31, 2022, the Company has $376,797 of total unrecognized compensation cost related to stock options, which will be amortized over approximately twenty-four months. During the year ended December 31, 2022, the Company recognized $1,640,430 of stock compensation related to stock options.

The company uses the Black-Scholes valuation model to estimate the fair market value of the stock options at the grant date as of December 31, 2022.

For the years ended December 31, 2023 and 2022, the significant weighted average assumptions relating to the valuation of the Company’s stock options granted were as follows:

	2023			2022
	Years Ended December 31,
	2023			2022
Stock price	$	0.32		$	0.66
Dividend yield		—	%		—	%
Expected life (years)		3.02			3.02
Expected volatility		63.64	%		69.49	%
Risk-free interest rate		4.22	%		3.47	%

Issuances of Options to Officers and Directors

On September 30, 2023, the Company issued to officers options to purchase 50,000 shares of Common Stock at an exercise price of $0.17 per share, which vests over a period of two years from the date of grant and expires on September 29, 2028. The Company determined the fair market value of these unvested options to be $3,750. For the twelve months ended December 31, 2023, the Company recognized stock-based compensation expense of $234, based upon the fair value market price of $0.08.

On June 30, 2023, the Company issued to directors and officers options to purchase 125,000 shares of Common Stock at an exercise price of $0.23 per share, which vests over a period of two years from the date of grant and expires on June 29, 2028. The Company determined the fair market value of these unvested options to be $13,000. For the twelve months ended December 31, 2023, the Company recognized stock-based compensation expense of $2,945, based upon the fair value market price of $0.10.

On March 31, 2023, the Company issued to directors and officers options to purchase 150,000 shares of Common Stock at an exercise price of $0.45 per share, which vests over a period of two years from the date of grant, and expires on March 30, 2028. The Company determined the fair market value of these unvested options to be $31,350. For the twelve months ended December 31, 2023, the Company recognized stock-based compensation expense of $11,158, based upon the fair value market price of $0.21.

For the year ended December 31, 2022, the Company issued to directors and officers options to purchase 512,065 shares of Common Stock at exercise prices ranging from $0.17 to $0.56 per share, which expire on dates between January 3, 2025 and December 31, 2027. The Company determined the fair market value of these unvested options to be $162,663. In connection with the issuance of these options, the Company recognized $60,515 in stock-based compensation expense for the year ended December 31, 2022.

Cancellations of Options

During the year ended December 31, 2023, as a result of employee terminations and options expirations, stock options aggregating 380,999, with estimated values of approximately $378,869, were cancelled. During the year ended December 31, 2022, 307,501 options were cancelled with a grant-date fair value $1,063,673 due to employee terminations.

F-34

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 10 – Retirement Plans

Defined Benefit Plan

senseFly S.A. sponsors a defined benefit pension plan (the “Defined Benefit Plan”) covering all its employees. The Defined Benefit Plan provides benefits in the event of retirement, death or disability, with benefits based on age and salary. The Defined Benefit Plan is funded through contributions paid by senseFly S.A. and its employees, respectively. The Defined Benefit Plan assets are Groupe Mutuel Prévoyance (“GMP”), which invests these plan assets in cash and cash equivalents, equities, bonds, real estate and alternative investments.

The Projected Benefit Obligation (“PBO”) includes in full the accrued liability for the plan death and disability benefits, irrespective of the extent to which these benefits may be reinsured with an insurer. The actuarial valuations are based on the census data as of December 31, 2023, provided by GMP.

The Company recognizes the overfunded or underfunded status of the Defined Benefit Plan as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status of the Defined Benefit Plan in the year in which the changes occur through accumulated other comprehensive income or loss. The Defined Benefit Plan’s assets and benefit obligations are remeasured as of December 31 each year.

The net periodic benefit cost of the Defined Benefit Plan for the period from January 1, 2023 through December 31, 2023 was as follows:

Schedule of Net Periodic Benefit

	2023
Service cost	$	259,031
Interest cost		66,136
Expected return on plan assets		(133,373	)
Amortization of prior service cost (credit)		(2,205	)
Loss recognized due to settlements and curtailments		38,579
Net periodic pension benefit cost	$	228,168

The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. The changes in the projected benefit obligation for the period from January 1, 2023 through December 31, 2023 were as follows:

	2023
PBO, beginning of period	$	3,299,621
Service cost		259,031
Interest cost		66,136
Plan participation contributions		207,225
Actuarial (gains) / losses		87,078
Benefits paid through plan assets		(84,874	)
Curtailments, settlements and special contractual termination benefits		(1,225,712	)
Foreign currency exchange rate changes		269,346
PBO, end of period		2,877,851
Component representing future salary increases		(98,669	)
Accumulated benefit obligation (“ABO”), end of period	$	2,779,182

F-35

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 10 – Retirement Plans- Continued

For the period from January 1, 2023 through December 31, 2023, the change in fair value of the Pension Plan assets was as follows:

	2023
Fair value of plan assets, beginning of period	$	3,296,404
Expected return on plan assets		133,373
Gain / (losses) on plan assets		(287,690	)
Employer contributions		302,019
Plan participant contributions		207,225
Benefits paid through plan assets		(84,874	)
Settlements		(1,160,679	)
Foreign currency exchange rate changes		255,940
Fair value of plan assets, end of period	$	2,661,718

senseFly S.A.’s investment objectives are to ensure that the assets of its Defined Benefit Plan are invested to provide an optimal rate of investment return on the total investment portfolio, consistent with the assumption of a reasonable risk level, and to ensure that pension funds are available to meet the plans’ benefit obligations as they become due. senseFly S.A. believes that a well-diversified investment portfolio will result in the highest attainable investment return with an acceptable level of overall risk. Investment strategies and allocation decisions are also governed by applicable governmental regulatory agencies. senseFly’s investment strategy with respect to the Defined Benefit Plan is to invest in accordance with the following allocation: 31.8% in equities, 35.4% in bonds, 17.1% in real estate, 11.3% in alternative investments and 4.4% in cash and cash equivalents.

The following table presents the fair value of the Defined Benefit Plan assets by major categories and by levels within the fair value hierarchy as of December 31, 2023:


	Level 1		Level 2		Level 3		Total
Cash and equivalents	$	117,463	$	-	$	-	$	117,463
Equity securities		846,910		-		-		846,910
Bonds		942,056		-		-		942,056
Real estate		-		454,583		-		454,583
Alternative investments		-		300,706		-		300,706
Total fair value of plan assets	$	1,906,429	$	755,289	$	-	$	2,661,718

The following tables present the fair value of the Defined Benefit Plan assets by major categories and by levels within the fair value hierarchy as of December 31, 2022:

	Level 1		Level 2		Level 3		Total
Cash and equivalents	$	279,883	$	-	$	-	$	279,883
Equity securities		906,136		-		-		906,136
Bonds		1,167,789		-		-		1,167,789
Real estate		-		570,490		-		570,490
Alternative investments		-		372,105		-		372,105
Total fair value of plan assets	$	2,353,808	$	942,595	$	-	$	3,296,403

The following table shows the unfunded status of the Defined Benefit Plan, defined as plan assets less the projected benefit obligation as of December 31, 2023:

Fair value of plan assets	$	2,661,718
Less: PBO		(2,877,851	)
Underfunded status, end of period	$	(216,133	)

F-36

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 10 – Retirement Plans- Continued

As of December 31, 2023 and 2022, the underfunded status is included in defined plan obligation on the consolidated balance sheets.

The Defined Benefit Plan has a PBO in excess of Defined Benefit Plan assets. For the period from January 1, 2023 through December 31, 2023, the amounts recognized in accumulated other comprehensive income (loss) related to the defined benefit plan were as follows:

	2023
Net prior service (cost) / credit	$	10,572
Net gain / (loss)		(178,544	)
Accumulated other comprehensive income (loss), net of tax	$	(167,972	)

The net prior service credit included in accumulated other comprehensive income (loss) as of December 31, 2023, is expected to be recognized as a component of net periodic benefit cost during the year ending December 31, 2024.

The actuarial assumptions for the Defined Benefit Plan were as follows:

Schedule of Assumption


Benefit obligations:
Discount rate	2.10	%
Estimated rate of compensation increase	1.25	%
Periodic costs:
Discount rate	2.10	%
Estimated rate of compensation increase	1.25	%
Expected long term rate of return on plan assets	3.85	%
Cash balance interest credit rate	2.10	%

The following table shows expected benefit payments from the Defined Benefit Plan for the next five fiscal years and the aggregate five years thereafter:

Schedule of Expected Benefit Payments

Year Ending December 31:	Expected Plan Benefit Payments
2024	$	432,265
2025		387,629
2026		347,691
2027		310,103
2028		277,213
Thereafter		1,045,423
Total expected benefit payments by the plan	$	2,800,324

Defined Contribution Plan

The Company sponsors the AgEagle Aerial Systems 401(k) Plan (the “401(k) Plan”) that covers substantially all eligible employees in the United States. The Company matches contributions made by eligible employees, subject to certain percentage limits of the employees’ earnings. For the years ended December 31, 2023 and 2022, the Company’s employer contribution to the 401(k) Plan totaled $77,240 and $149,543, respectively.

F-37

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 11 – Warrants

Warrants Issued

On November 24, 2023, additional Warrants and the 1,483,560 Warrant Shares were issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and have not been registered under the Securities Act, or applicable state securities laws to Dawson James Securities Inc.

On June 5, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited and institutional investors (the “Investors”) pursuant to which the Company issued warrants to purchase up to 25,080,000 shares of common stock (the “Warrants”), exercisable at $0.38 per share (the “Offering”) (see Note 9 for further disclosures).

On March 9, 2023, the Company received an Investor Notice from Alpha (described above in Note 9) resulting in the issuance of a Common Stock warrant to purchase up to 7,142,715 shares of Common Stock at the exercise price of $0.42 per share warrant (the “Additional Warrant”) for an aggregate purchase price of $3,000,000. The Additional Warrant is exercisable upon issuance and has a three-year term. On March 10, 2023, the Company issued and sold the Additional Series F Preferred along with the associated Additional Warrant. On June 5, 2023, upon entering the Purchase Agreement a Down Round was triggered reducing the exercise price of the Additional Warrant to $0.25.

On December 6, 2022, the Company entered into a Promissory Note Purchase Agreement (described above in Note 8), pursuant to which the Company issued the right to purchase up to 5,000,000 shares of Common Stock at an exercise price of $0.44 per share (see Note 8 for further disclosures), subject to standard anti-dilution adjustments. The Promissory Note Warrant was not exercisable for the first six months after issuance and has a five-year term from the initial exercise date of June 6, 2023. On September 15, 2023, the Company and the Investor entered into a Warrant Exchange Agreement pursuant to which the Company has agreed to issue to the Investor 5,000,000 shares of common stock in exchange for the Promissory Note Warrant. The Promissory Note Warrant has since been cancelled and is now no longer outstanding.

On June 26, 2022, the Company entered into a Securities Purchase Agreement (described above in Note 8) with Alpha. In connection with the Series F Agreement the Company issued a warrant to Alpha to purchase 16,129,032 shares of Common Stock, par value $0.001 per share Series F Warrant with an exercise price equal to $0.96, subject to adjustment, per share of Common Stock. The Series F Warrants were not exercisable for the first six months after its issuance and have a three-year term from its initial exercise date of December 30, 2022. Upon the issuance of the 5,000,000 shares of Common Stock warrants at $0.44 per share, the Series F Warrant exercise price was reduced to $0.44, the warrants were further reduced in March upon issuance of additional Series F Preferred shares to $0.42 and in June to $0.25 upon entering the Purchase Agreement (see Note 8 for explanation regarding the December, March and June Down Rounds along with any other further disclosures related to Series F Preferred Stock).

F-38

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 11 – Warrants – Continued

The exercise price of the Warrants and the number of Warrant Shares issuable upon the exercise thereof will be subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Warrants, but has no anti-dilution protection provisions. The Warrants will be exercisable on a “cashless” basis only in the event there is no effective registration statement registering, or the prospectus contained therein is not available for the sale of the Warrant Shares. The Warrants contain a beneficial ownership limitation, such that none of such Warrants may be exercised, if, at the time of such exercise, the holder would become the beneficial owner of more than 4.99% or 9.99%, as determined by the holder, of the Company’s outstanding shares of Common Stock following the exercise of such Warrant (the “Beneficial Ownership Limitation”).

Warrant Conversions

For the twelve months ended December 31, 2023, 5,000,000 warrants were converted to 5,000,000 shares of common stock.

A summary of activity related to warrants for the periods presented is as follows:

	Shares			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term
Outstanding as of December 31, 2021		—		$	—			—
Issued		21,129,032			0.29	*		—
Exercised		—			—			—
Outstanding as of December 31, 2022		21,129,032			0.29	*		—
Issued – March 2023		7,142,715		$	0.25	*		—
Issued – June 2023		25,080,000			0.38	*		—
Issued – November 2023		16,319,165			0.12	*		—
Exercised		(5,000,000	)		0.44			—
Outstanding as of December 31, 2023		64,670,912		$	0.27	*		3.43
Exercisable as of December 31, 2023		64,670,912			0.27			3.43

*	Reflects the exercise price after the Down Round Trigger events (see Note 8).

F-39

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 12 – Leases

Operating Leases

The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of twelve months or less, but greater than one month, are not recorded on the balance sheet for select asset classes. The lease liability is measured at the present value of future lease payments as of the lease commencement date, or the opening balance sheet date for leases existing at adoption of ASC 842. The right-of-use asset recognized is based on the lease liability adjusted for prepaid and deferred rent and unamortized lease incentives.

Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by options to extend the leases that the Company is reasonably certain to exercise.

Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The components of a lease are split into three categories: lease components, non-lease components and non-components; however, the Company has elected to combine lease and non-lease components into a single component. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expense on the consolidated statement of operations. Variable lease payments are expensed as incurred.

The Company has an operating lease in Wichita, Kansas, which serves as its corporate offices. The lease commencement date was November 1, 2023, and will expire on October 31, 2025, unless sooner terminated or extended. The estimated cash rent payments due through the expiration of this operating lease total $226,678.

As a result of the MicaSense Acquisition, the Company assumed an operating lease for office space in Seattle, Washington that expires in January 2026 with a 3% per year increase, and two months of abated rent for December 2020 and January 2021. The estimated cash rent payments due through the expiration of this operating lease total approximately $467,767. Starting late 2022, the Company has been engaged in consolidating its business and manufacturing operations from multiple offices to two centralized locations in Wichita, Kansas and Lausanne, Switzerland. In May 2023, the Company executed a sublease agreement for their facility located in Seattle, Washington; however, the Company remains the primary obligor under the original lease.

As a result of the senseFly Acquisition, the Company assumed the operating leases for office spaces in Raleigh, North Carolina and Lausanne, Switzerland. The operating lease in Raleigh expired in July 2023 and the operating lease in Lausanne was set to expire in April 2023. The Company was required to notify the landlord of its intention to not renew the lease in March 2022. The Company neglected to provide such notification, therefore, a five year renewal option was automatically triggered in March 2022. The Lausanne lease is now set to expire in April 2028. The estimated cash rent payments due through the expiration of this operating lease total approximately $3,370,025.

F-40

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 12 – Leases – Continued

As of December 31, 2023 and 2022, balance sheet information related to the Company’s operating leases is as follows:

Schedule of Company's operating leases

	Balance Sheet Location	2023		2022
		December 31,
	Balance Sheet Location	2023		2022
Right-of-use asset	Right-of-use asset	$	3,525,406	$	3,952,317
Current portion of operating lease liability	Current portion of lease liabilities	$	901,925	$	628,113
Long-term portion of operating lease liability	Long-term portion of lease liabilities	$	2,721,743	$	3,161,703

For the years ended December 31, 2023 and 2022, operating lease expense payments were $1,039,685 and $1,287,143, respectively, and are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

As of December 31, 2023, scheduled future maturities of the Company’s lease liabilities are as follows:

Schedule of Company's lease liabilities

Year Ending December 31,
2024	$	1,094,321
2025		1,100,394
2026		878,571
2027		792,947
2028		198,237
Total future minimum lease payments, undiscounted		4,064,470
Less: Amount representing interest		(440,802	)
Present value of future minimum lease payments		3,623,668
Present value of future minimum lease payments – current		901,925
Present value of future minimum lease payments – long-term	$	2,721,743

As of December 31, 2023 and 2022, the weighted average lease-term and discount rate of the Company’s leases are as follows:

	Years Ended December 31,
Other Information	2023			2022
Weighted-average remaining lease terms (in years)		3.9			4.8
Weighted-average discount rate		6.1	%		6.0	%

For the years ended December 31, 2023 and 2022, supplemental cash flow information related to leases is as follows:

Other Information	2023		2022
	Years Ended December 31,
Other Information	2023		2022
Cash paid for amounts included in the measurement of liabilities: Operating cash flows for operating leases	$	1,054,847	$	1,614,468

F-41

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 13 – Commitments and Contingencies

Board Appointments and Departures

Ms. Kelly J. Anderson

Appointment as Board Member and Chairman of the Audit Committee

On December 6, 2022, the Board of Directors of AgEagle appointed Kelly J. Anderson as a Board member to fill the vacancy created by the recent resignation of Luisa Ingargiola, effective December 5, 2022. Ms. Anderson qualifies as an independent director under the corporate governance standards of the NYSE American and meets the financial sophistication requirements of the NYSE American. She also meets the independence requirements of Rule 10A-3 of the Securities Exchange Act of 1934, as amended, and qualifies as an “audit committee financial expert” as such term is currently defined in Item 407(d)(5) of Regulation S-K. Also effective on December 5, 2022, Ms. Anderson was appointed to the Company’s Compensation Committee and Nominating and Corporate Governance Committee and was appointed to chair the Company’s Audit Committee.

As compensation for services as an independent director, Ms. Anderson shall receive an annual cash fee of $60,000, payable quarterly; and a quarterly grant of 25,000 stock options with an exercise price at the current market price of the Company’s Common Stock at the time of issuance (the “Quarterly Options”). The Quarterly Options are exercisable for a period of five years from the date of grant and vest in equal quarterly installments over a period of two years from the date of grant.

Ms. Luisa Ingargiola

Departure of Board Member

On November 18, 2022, Ms. Luisa Ingargiola resigned as a director, a member of the Compensation Committee and Nominating and Corporate Governance committee, and the chair of the Audit Committee of AgEagle. Ms. Ingargiola’s resignation from the Company’s Board of Directors was not a result of any disagreement with management or any matter relating to the Company’s operations, policies or practices.

Executive Appointments and Departures

Mr. Michael O’Sullivan

Departure of Chief Commercial Officer

On June 20, 2023, the Company delivered notice of termination to Michael O’Sullivan, the Company’s Chief Commercial Officer, which termination was effective on September 20, 2023, subject to further extension as required under the applicable laws of Switzerland, where Mr. O’Sullivan is located and employed.

On April 11, 2022, Michael O’Sullivan (“Mr. O’Sullivan”) was appointed as the Company’s Chief Commercial Officer, Mr. O’Sullivan will receive an annual base salary of 250,000 CHF per year, subject to annual performance reviews and revisions by and at the sole discretion of the Compensation Committee. In accordance with the 2022 Executive Compensation Plan and as approved by the Compensation Committee, Mr. O’Sullivan will be eligible to receive an annual cash bonus of up to 30% of his then-current base salary and RSUs with a fair value of up to 150,000 CHF, based upon achievement of the performance milestones established in the 2022 Executive Compensation Plan. Furthermore, Mr. O’Sullivan is entitled to a service-based bonus, comprised of a cash bonus of 87,500 CHF and RSUs with a fair value of 87,500 CHF. Upon execution of his employment agreement with the Company, Mr. O’Sullivan was immediately granted RSUs with a fair value of 43,750 CHF, as part of his service-based bonus. The remaining RSUs with a fair value of 43,750 CHF and the cash payment of 87,500 CHF will vest in October 2022. In addition, Mr. O’Sullivan is entitled to receive a quarterly grant of 10,000 stock options at the fair market value of the Company’s Common Stock on the grant date, vesting over two years, and exercisable for a period of five years.

F-42

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 13 – Commitments and Contingencies- Continued

Mr. O’Sullivan is provided with severance benefits in the event of termination without cause or for good reason, as defined in his employment offer letter. Upon execution of a severance agreement entered into between Mr. O’Sullivan and the Company, Mr. O’Sullivan will be entitled to the following benefits: (i) three months of base salary, paid in the form of salary continuation, in accordance with the terms of a Separation Agreement to be entered into at the time of termination; (ii) three months of paid Garden Leave, which is paid in the form of salary continuation, in accordance with the laws of Switzerland; and (iii) a grant of fully vested RSUs with a fair market value of 150,000 CHF on the date of termination of employment, pursuant to the terms of the separation agreement.

The severance benefits are conditioned upon (i) continued compliance in all material respects with Mr. O’Sullivan’s continuing obligations to the Company, including, without limitation, the terms of the amended employment offer letter and of the confidentiality agreement that survive termination of employment with the Company, and (ii) signing (without revoking if such right is provided under applicable law) a separation agreement and general release in a form provided to the executive officer by the Company on or about the date of termination of employment.

Mr. Barrett Mooney

Departure as Chief Executive Officer and Chairman of the Board

On December 17, 2023, the Company received notice (the “Notice”) from Mr. Barrett Mooney, the Company’s Chief Executive Officer, that he has decided to depart the Company as Chief Executive Officer and Director to pursue another professional opportunity, effective December 31, 2023.

On January 17, 2022, Mr. Barrett Mooney, the Company’s Chairman of the Board and the Chief Executive Officer immediately preceding Mr. Michael Drozd, was reappointed to serve as the Chief Executive Officer of the Company and to continue in his role as Chairman of the Board.

Mr. Mooney is provided with severance benefits in the event of termination without cause or for good reason, as defined in her amended employment offer letter. Upon execution of a severance agreement entered into between Mr. Mooney and the Company, Mr. Mooney will be entitled to the following benefits: (i) six months of base salary, paid in the form of salary continuation, in accordance with the terms of a Separation Agreement to be entered into at the time of termination; (ii) reimbursement of COBRA health insurance premiums at the same rate as if the executive officer were an active employee of the Company (conditioned on the executive officer having elected COBRA continuation coverage) for a period of 6 months or, if earlier, until the executive officer is eligible for group health insurance benefits from another employer; and (iii) a grant of fully vested RSUs with a fair market value of $190,000 on the date of termination of employment, pursuant to the terms of the separation agreement.

The severance benefits are conditioned upon (i) continued compliance in all material respects with Mr. Mooney’s continuing obligations to the Company, including, without limitation, the terms of the amended employment offer letter and of the confidentiality agreement that survive termination of employment with the Company, and (ii) signing (without revoking if such right is provided under applicable law) a separation agreement and general release in a form provided to the executive officer by the Company on or about the date of termination of employment.

In the event the Board of Directors (the “Board”) determines in its discretion that Mr. Mooney must relocate his principal place of performance of her duties, the Company shall pay and/or reimburse his expenses in connection with such relocation.

F-43

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 13 – Commitments and Contingencies- Continued

Mr. Torres Declet

Departure as Chief Executive Officer

On January 17, 2022, the Company and Mr. Brandon Torres Declet mutually agreed to Mr. Torres Declet’s resignation as Chief Executive Officer and as a director of the Company. In connection with his departure, and in accordance with his employment agreement with the Company, Mr. Torres Declet will receive base salary continuation equal to six months of his then annual salary, reimbursement of COBRA health insurance premiums for a period of six months at the same rate as if Mr. Torres Declet were an active employee of the Company, and a grant of fully vested restricted shares of Common Stock of the Company with a fair market value of $125,000 on the date of termination of employment, resulting in the issuance of 111,607 RSUs.

Nicole Fernandez-McGovern

Departure as Chief Financial Officer

On August 15, 2023, the Company received notice (the “Notice”) from Ms. Nicole Fernandez-McGovern, the Company’s Chief Financial Officer, which states that she has been terminated for “Good Reason” under her employment offer letter agreement. The Board of Directors has accepted the Notice as a notice of voluntary resignation by Ms. Fernandez-McGovern, and not of termination for Good Reason.

F-44

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 13 – Commitments and Contingencies- Continued

Mark DiSiena

Employment Arrangements for Mark DiSiena, Chief Financial Officer

As previously disclosed in a Current Report on Form 8-K filed on October 19, 2023, as a result of Ms. Nicole Fernandez-McGovern’s departure as Chief Financial Officer of the Company, Mr. Mark DiSiena was appointed as the Company’s principal financial and accounting officer and Interim Chief Financial Officer, effective as of October 13, 2023. On November 30, 2023, the Board of Directors of the Company appointed Mr. DiSiena as Chief Financial Officer of the Company, effective as of December 1, 2023 (the “Commencement Date”). Pursuant to an employment offer letter dated November 28, 2023 (the “Offer Letter”), Mr. DiSiena shall receive an annual base salary of $275,000 and a sign-on bonus in the form of restricted stock units (the “RSUs”) not to exceed $60,000 in total award value, with 50% of the RSUs to vest one year after Commencement Date, and the remainder to vest two years after Commencement Date. Mr. DiSiena will be eligible to receive an annual performance-based bonus comprised of up to $75,000 in cash and RSUs not to exceed $60,000 in total award value, with 34% of the total RSU award to vest at the time of the award date, 33% of the original award amount to vest one year after the award date, and the remainder to vest two years after the award date. The performance bonus amounts each year will be determined at the sole discretion of the Board of Directors of the Company based upon an assessment of a combination of his achievement of designated personal goals and the Company reaching designated corporate goals.

There are no family relationships between Mr. DiSiena and any director, executive officer or nominees thereof of the Company. There are no related party transactions between the Company and Mr. DiSiena that would require disclosure under Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Company has various employment agreements with various employees of the Company which it considers normal and in the ordinary course of business along with agreements for all its directors which it has previously disclosed.

F-45

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 13 – Commitments and Contingencies- Continued

The Company has no other formal employment agreements with our executive officers, nor any compensatory plans or arrangements resulting from the resignation, retirement, or any other termination of our named executive officers, from a change-in-control, or from a change in any executive officer’s responsibilities following a change-in-control. However, it is possible that the Company will enter into formal employment agreements with its executive officers in the future.

Purchase Commitments

The Company routinely places orders for manufacturing services and materials. As of December 31, 2023, the Company had purchase commitments of approximately $1,387,303. These purchase commitments are expected to be realized during the year ending December 31, 2024. As of December 31, 2022, the Company had purchase commitments of $3,155,867.

Note 14 – Related Party Transactions

The following reflects the related party transactions during the years ended December 31, 2023 and 2022, respectively:

Ms. Fernandez-McGovern is one of the principals of Premier Financial Filings, a full-service financial printer. Premier Financial Filings provided contracted financial services to the Company for fiscal year 2022. Premier Financial Filings did not provide services during 2023. Accordingly, for the years ended December 31, 2022, the expenses related to services provided by Premier Financial Filings to the Company, was $18,371. These expenses are included within general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss.

One of the Company’s directors, Mr. Thomas Gardner, is one of the principals of NeuEon, Inc., which provides services to the Company as the Chief Technology Officer. For the years ended December 31, 2023 and 2022, the expenses related to services provided by NeuEon, Inc. to the Company were $42,500 and $153,750, respectively. These expenses are included within the general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss.

Note 15 – Income Taxes

Prior to April 15, 2015, AgEagle Aerial Inc. was treated as a disregarded entity for income tax purposes. Income taxes, if any, were the responsibility of the sole member. Effective April 22, 2015, the Company elected to be classified as a corporation for income tax purposes. On March 26, 2018, the Company’s predecessor company, EnerJex Resources, Inc. (“EnerJex”), consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated October 19, 2017, pursuant to which AgEagle Merger Sub, Inc., a wholly owned subsidiary of EnerJex, merged with and into AgEagle Aerial Systems Inc., a then privately held company (“AgEagle Sub”), with AgEagle Sub surviving as a wholly owned subsidiary of EnerJex (the “Merger”). In connection with the Merger, EnerJex changed its name to AgEagle Aerial Systems Inc. AgEagle Sub changed its name initially to “Eagle Aerial, Inc. and then to” AgEagle Aerial, Inc. Following the Merger, AgEagle Aerial Inc. became a wholly owned subsidiary of AgEagle Aerial Systems, Inc., and the group files a consolidated U.S. federal income tax return as well as income tax returns in various states.

As of December 31, 2023 and 2022, the total of all net deferred tax assets was $17,794,764 and $11,170,665, respectively. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the deferred tax assets the Company has established a valuation allowance of $17,794,764 and $11,170,665 as of December 31, 2023 and 2022, respectively. The change in the valuation allowance during the years ended December 31, 2023 and 2022 was $6,624,099 and $2,350,212, respectively.

F-46

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 15 – Income Taxes - Continued

As of December 31, 2023, the Company has a federal and state net operating loss carryforward of approximately $55,288,195 and $20,863,524, respectively. Of those balances, the Company has $6,296,936 of federal net operating losses expiring in 2035-2037 and the remaining amounts have no expiration. The Company has a foreign net operating loss carryforward of $32,403,001 which expire in 2028-2030. The Company has state net operating carryforwards of $15,181,695 which expire between 2024-2041, and the remaining amounts have no expiration.

As of December 31, 2022, the Company has a federal and state net operating loss carryforward of approximately $38,733,732 and $17,975,553, respectively. Of those balances, the Company has $7,661,107 of federal net operating losses expiring in 2035-2037 and the remaining amounts have no expiration. The Company has a foreign net operating loss carryforward of $11,428,419 which expire in 2028-2029. The Company has state net operating carryforwards of $13,113,999 which expire between 2024-2041, and the remaining amounts have no expiration.

The timing and manner in which we can utilize our net operating loss carryforward and future income tax deductions in any year may be limited by provisions of the Internal Revenue Code regarding the change in ownership of corporations. Such limitations may have an impact on the ultimate realization of our carryforwards and future tax deductions. Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on a corporation’s ability to utilize net operating losses if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. Any unused annual limitation may be carried over to later years, and the amount of the limitation may under certain circumstances be increased by the built-in gains in assets held by us at the time of the change that are recognized in the five-year period after the change. The Company has not conducted a formal ownership change analysis as required under Section 382; however, we intend to do so if we anticipate recognizing tax benefits associated with the net operating loss carryforwards.

As of December 31, 2023, the Company determined it is more likely than not that it will not realize our temporary deductible differences and net operating loss carryforwards, and as such, has provided a full valuation allowance on our net deferred tax asset.

During the years ended December 31, 2023 and 2022, the Company did not recognize any uncertain tax positions, interest or penalty expense related to income taxes. AgEagle files U.S. federal and state income tax returns, as required by law. The federal return generally has a three-year statute of limitations, and most states have a four-year statute of limitations; however, the taxing authorities can review the tax year in which the net operating loss was generated when the loss is utilized on a tax return. We currently do not have any open income tax audits. The Company is open to federal and state examination on the 2020 through 2022 income tax returns filed.

F-47

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 15 – Income Taxes - Continued

For the years ended December 31, 2023 and 2022, a reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows:

	2023						2022
	Amount			Rate			Rate			Amount
Computed tax at the expected statutory rate	$	(8,931,931	)		21.00	%	$	(12,233,282	)		21.00	%
State and local income taxes, net of federal		(152,856	)		0.36	%		(193,910	)		0.33	%
Goodwill impairment		3,313,121			(7.79	)%		8,590,427			(14.75	)%
Other permanent items		41,757			(0.10	)%		301,687			(0.51	)%
Other adjustments		(1,762,090	)		4.14	%		(57,579	)		0.09	%
Stock compensation		(12,606	)		0.03	%		172,056			(0.30	)%
Return to provision adjustment		196,163			(0.46	)%		369,793			(0.63	)%
Foreign tax differential		684,343			(1.61	)%		700,596			(1.20	)%
Change in valuation allowance		6,624,099			(15.57	)%		2,350,212			(4.03	)%
Income tax expense (benefit)	$	—			0.00	%	$	—			0.00	%

As of December 31, 2023 and 2022, the temporary differences, tax credits and carryforwards that gave rise to the following deferred tax assets (liabilities):

Deferred Tax Assets:	2023			2022
Other current liabilities	$	17,806		$	—
Equity compensation		1,109,854			1,001,945
Other accrued expenses		16,406			754,211
Net operating loss carry forward		16,889,316			10,396,086
Tax credits		150,351			150,351
Right of Use (ROU) - Liability		147,861			(127,473	)
Total Deferred Tax Assets	$	18,331,594		$	12,175,120

Valuation Allowance		(17,794,764	)		(11,170,665	)

Deferred Tax Liabilities:
Property and equipment		(1,183	)		(100,019	)
Intangible assets		(410,463	)		(1,036,649	)
Right of Use (ROU) - Asset		(125,184	)		132,213
Total Deferred Tax Liabilities	$	(536,830	)	$	(1,004,455	)
Net Deferred Tax	$	—		$	—

F-48

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 15 – Income Taxes- Continued

The Company’s provision is primarily driven by the full valuation allowance in 2023 and 2022.

The provision for income taxes consisted of the following for the years ended December 31, 2023 and 2022:

Schedule of Provision for Income Taxes

	2023			2022
Current
U.S. Federal	$	—		$	—
U.S. State		(5,750	)		5,750
U.S. Foreign		—			—
Total current provision		(5,750	)		5,750
Deferred		—			—
U.S. Federal		—			—
U.S. State		—			—
U.S. Foreign		—			—
Total deferred benefit		—			—
Change in valuation allowance		—			—
Total provision for income taxes	$	(5,750	)	$	5,750

The Company’s loss before provision for incomes taxes consisted of the following amounts:

	2023			2022
	For the Years Ended December 31,
	2023			2022
United States	$	(32,930,150	)	$	(48,536,722	)
International		(9,491,587	)		(9,717,001	)
Total net loss before provision for income taxes	$	(42,421,737	)	$	(58,253,723	)

Note 16 – Segment Information

The Company conducts the business through the following three operating segments: Drones, Sensors and SaaS.

The accounting policies of the operating segments are the same as those described in Note 2. Non-allocated administrative and other expenses are reflected in Corporate. Corporate assets include cash, prepaid expenses, notes receivable, right of use asset and other assets.

As of December 31, 2023 and 2022 and for the years then ended, operating information about the Company’s reportable segments consisted of the following:

Goodwill and Assets

Schedule of Goodwill and Assets

	Corporate		Drones		Sensors		SaaS		Total
As of December 31, 2023
Goodwill	$	—	$	—	$	7,402,644	$	—	$	7,402,644
Assets	$	1,148,638	$	8,666,641	$	15,260,263	$	80,359	$	25,155,901

As of December 31, 2022
Goodwill	$	—	$	—	$	18,972,896	$	4,206,515	$	23,179,411
Assets	$	4,785,643	$	14,930,789	$	26,081,788	$	8,386,654	$	54,184,874

F-49

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 16 – Segment Information- Continued

Net (Loss) Income

Schedule of Net (Loss) Income

	Corporate			Drones			Sensors			SaaS			Total
Year ended December 31, 2023
Revenues	$	—		$	6,197,049		$	7,100,419		$	443,930		$	13,741,398
Cost of sales		—			3,770,886			3,439,350			1,067,922			8,278,158
Loss from operations ⁽¹⁾⁽²⁾	$	(7,429,783	)	$	(9,287,814	)	$	(15,487,428	)	$	(6,945,087	)	$	(39,150,112	)
Other income (expense), net		(2,060,844	)		(211,698	)		(998,580	)		(503	)		(3,271,625	)
Net loss	$	(9,490,627	)	$	(9,499,512	)	$	(16,486,008	)	$	(6,945,590	)	$	(42,421,737	)

Year ended December 31, 2022
Revenues	$	—		$	9,840,321		$	8,655,434		$	598,670		$	19,094,425
Cost of sales		—			4,762,888			5,086,993			1,026,427			10,876,308
Loss from operations ⁽³⁾	$	(10,177,362	)	$	(22,004,223	)	$	10,958		$	(32,106,210	)	$	(64,276,837	)
Other income (expense), net		6,416,717			(356,095	)		(30,893	)		(6,615	)		6,023,114
Net loss	$	(3,760,645	)	$	(22,360,318	)	$	(19,935	)	$	(32,112,825	)	$	(58,253,723	)

⁽¹⁾		Includes goodwill impairment $15,776,767 for the Sensor and SaaS reporting segments.
⁽²⁾		Includes intangible impairment $5,899,307 for the Drones and SaaS reporting segments.
⁽³⁾		Includes goodwill impairment $41,687,871 for the Drones and SaaS reporting segments.

Revenues by Geographic Area

Schedule of Geographical Revenues

	Drones		Sensors		SaaS		Total
Year ended December 31, 2023
North America	$	2,169,983	$	2,655,443	$	407,490	$	5,232,916
Latin America		1,571,956		256,524		28,671		1,857,151
Europe, Middle East and Africa		2,183,763		2,957,644		1,254		5,142,661
Asia Pacific		271,347		1,117,485		6,515		1,395,347
Other		—		113,323		—		113,323
Total	$	6,197,049	$	7,100,419	$	443,930	$	13,741,398

Year ended December 31, 2022
North America	$	5,320,034	$	3,173,347	$	598,670	$	9,092,051
Europe, Middle East and Africa		3,537,463		3,309,039		—		6,846,502
Asia Pacific		982,824		1,756,253		—		2,739,077
Other		—		416,795		—		416,795
Total	$	9,840,321	$	8,655,434	$	598,670	$	19,094,425

F-50

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 17 – Restatement

The restatement of the prior filings are a result of the transactions summarized below that led to errors in our previously filed Form 10-K filed with the SEC on April 1, 2024 and our Forms 10-Q for the quarterly periods March 31, 2023, June 30, 2023 and September 30, 2023. This Amendment No. 1 reflects the corrections for the errors discussed below as of and for the years ended December 31, 2023 and 2022 and restates the Company’s consolidated statements of operations and comprehensive loss. This Amendment No. 1 also includes expanded financial and other disclosures in lieu of filing separate amended Form 10-Q/As for each of the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023.

The net loss attributable to common stockholders erroneously excluded accrued cumulative dividends on outstanding Series F preferred stock and deemed dividends resulting from the triggering of down round features embedded within outstanding equity-linked financial instruments. Pursuant to ASC 260 Earnings Per Share, income available to common stockholders shall be computed by deducting dividends accumulated for the period on cumulative preferred stock. Also, the value of the effect of a down round feature shall be recognized in an equity-classified freestanding financial instrument when the down round feature is triggered. That effect shall be treated as a dividend and as a reduction of income available to common stockholders in basic and diluted earnings per share.

In addition to the above accrued cumulative dividends and deemed dividends were included as a component of other comprehensive loss. However, pursuant to ASC 220 – Income Statement – Reporting Comprehensive Income items required to be reported as direct adjustments to additional paid-in capital and retained earnings are not considered to be components of other comprehensive income (loss).

F-51

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 17 – Restatement-Continued

The tables below reflects the restatements.

Schedule of Impact of the Restatement

Impact of the Restatement - December 31, 2023

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	For the Year Ended December 31, 2023
Statement of Operations Data	As Previously Reported			Adjustment			As Restated
Net loss attributable to common stockholders	$	(42,421,737	)	$	(11,947,541	)	$	(54,369,278	)
Net loss per common share – basic and diluted (i)	$	(8.04	)	$	(2.26	)	$	(10.30	)
Total comprehensive loss, net of tax	$	(54,273,058	)	$	11,947,541		$	(42,325,517	)

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	For the Year Ended December 31, 2022
Statement of Operations Data
Net loss attributable to common stockholders	$	(58,253,723	)	$	(2,417,973	)	$	(60,671,696	)
Net loss per common share – basic and diluted (i)	$	(13.97	)	$	(0.59	)	$	(14.56	)
Total comprehensive loss, net of tax	$	(60,591,019	)	$	2,417,973		$	(58,173,046	)

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	Three Months Ended March 31, 2023
Statement of Operations Data (Unaudited)
Net loss attributable to common stockholders	$	(4,599,499	)	$	(322,897	)	$	(4,922,396	)
Net loss per common share – basic and diluted (i)	$	(1.03	)	$	(0.07	)	$	(1.10	)
Total comprehensive loss, net of tax	$	(4,827,792	)	$	322,897		$	(4,504,895	)

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	Three Months Ended June 30, 2023
Statement of Operations Data (Unaudited)
Net loss attributable to common stockholders	$	(5,290,583	)	$	(4,709,152	)	$	(9,999,735	)
Net Loss Per Common Share – basic and diluted (i)	$	(1.10	)	$	(0.98	)	$	(2.08	)
Total comprehensive loss, net of tax	$	(9,926,511	)	$	4,709,152		$	(5,217,359	)

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	Six Months Ended June 30, 2023
Statement of Operations Data (Unaudited)
Net loss attributable to common stockholders	$	(9,890,082	)	$	(5,032,050	)	$	(14,922,132	)
Net Loss Per Common Share - basic and diluted (i)	$	(2.13	)	$	(1.08	)	$	(3.21	)
Total comprehensive loss, net of tax	$	(14,754,304	)	$	5,032,050		$	(9,722,254	)

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	Three Months Ended September 30, 2023
Statement of Operations Data (Unaudited)
Net loss attributable to common stockholders	$	(8,020,128	)	$	(49,122	)	$	(8,069,250	)
Net loss per common share – basic and diluted (i)	$	(1.44	)	$	(0.01	)	$	(1.45	)
Total comprehensive loss, net of tax	$	(8,077,019	)	$	49,122		$	(8,027,897	)

Statement of Operations Data	As Previously Reported			Adjustment			As Restated
	Nine Months Ended September 30, 2023
Statement of Operations Data (Unaudited)
Net loss attributable to common stockholders	$	(17,910,210	)	$	(5,081,171	)	$	(22,991,381	)
Net loss per common share – basic and diluted (i)	$	(3.62	)	$	(1.03	)	$	(4.65	)
Total comprehensive loss, net of tax	$	(22,831,322	)	$	5,081,171		$	(17,750,151	)

(i)	Adjusted for the effect of a reverse stock split that was effective February 9, 2024.

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AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 18 – Subsequent Events

On January 18, 2024, the Company filed a S-1 with a purpose related to the resale by the Selling Shareholders (the “Selling Shareholders”), identified of up to 16,319,165 shares of common stock (the “Warrant Shares”), par value $0.001 per share (the “Common Stock”) of AgEagle Aerial Systems Inc., issuable upon the exercise of warrants (the “Warrants”) consisting of (i) 14,835,605 Warrant Shares underlying the Warrants at an initial exercise price of $0.1247 per warrant (which was adjusted to $0.10 per warrant as a result of the Common Stock Offering defined below) issued to the Selling Shareholders in a private placement pursuant to Investor Notices (as defined below) received by the Company from the Selling Shareholders on November 15, 2023, the Assignment, Waiver and Amendment Agreement (the “Assignment Agreement”) among the Company and the Selling Shareholders, dated November 15, 2023, and the Securities Purchase Agreement (the “Series F Agreement”) between the Company and one of its investors, dated June 26, 2022; and (ii) 1,483,560 Warrant Shares underlying the Warrants at the exercise price of $0.1247 per warrant initially issued to Dawson James Securities, Inc. (“Dawson”) in a private placement pursuant to an engagement letter between Dawson and the Company, dated November 15, 2023 (the “Engagement Letter”), of which Warrant for 1,281,796 Warrant Shares were subsequently assigned by Dawson to certain Selling Shareholders.

On February 1, 2024, the Company filed an amendment to the January 18, 2024 S-1 relating to the resale by the Selling Shareholders (the “Selling Shareholders”) of up to 16,319,165 shares of common stock (the “Warrant Shares”), par value $0.001 per share (the “Common Stock”) of AgEagle Aerial Systems Inc., issuable upon the exercise of warrants (the “Warrants”) consisting of (i) 14,835,605 Warrant Shares underlying the Warrants at an initial exercise price of $0.1247 per warrant (which was adjusted to $0.10 per warrant as a result of the Common Stock Offering defined below) issued to the Selling Shareholders in a private placement pursuant to Investor Notices (as defined below) received by the Company from the Selling Shareholders on November 15, 2023, the Assignment, Waiver and Amendment Agreement (the “Assignment Agreement”) among the Company and the Selling Shareholders, dated November 15, 2023, and the Securities Purchase Agreement (the “Series F Agreement”) between the Company and one of its investors, dated June 26, 2022; and (ii) 1,483,560 Warrant Shares underlying the Warrants at the exercise price of $0.1247 per warrant initially issued to Dawson James Securities, Inc. (“Dawson”) in a private placement pursuant to an engagement letter between Dawson and the Company, dated November 15, 2023 (the “Engagement Letter”), of which Warrant for 1,281,796 Warrant Shares were subsequently assigned by Dawson to certain Selling Shareholders.

On January 24, 2024, AgEagle Aerial Systems Inc. entered into an Agreement for the Purchase and Sale of Future Receipts, as amended (the “Future Receipts Agreement”) with a commercial lender (the “Buyer”) pursuant to which the Buyer purchased $1,512,000 (“Purchased Amount”) in future receipts of the Company at the discount price of $1,050,000. The Future Receipts Agreement was effective as of January 23, 2024. The Purchased Amount is remitted in weekly installments in the amount of $54,000 until the Purchased Amount has been satisfied. The Company is not paying an interest rate and there is no specified duration whereby the payment schedule expires. The Company may prepay the Purchased Amount within 30 calendar days by tendering the amount of $1,312,500.

On January 29, 2024, the Board approved a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Common Stock by unanimous written consent dated January 22, 2024 (the “Written Consent”) which became effective February 9, 2024.

On February 8, 2024, AgEagle Aerial Systems Inc. entered into a Securities Purchase Agreement (the “SPA”), as subsequently amended, with Alpha Capital Anstalt (“Alpha”), pursuant to which Alpha purchased 10,000 shares of the Company’s Series F 5% Convertible Preferred Stock (the “Series F Convertible Preferred”) and warrants. The SPA provides that Alpha has the right, subject to certain conditions, including shareholder approval, to purchase up to an additional $25,000,000 of shares of Series F Convertible Preferred and Warrants in minimum aggregate subscription tranches of $2,000,000. In addition, the Company and Alpha entered into an Amendment Agreement to the SPA (the “Series F Amendment Agreement”) to lower the minimum aggregate subscription amount from $2,000,000 to $1,000,000.

F-53

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Note 18 – Subsequent Events- Continued

In conjunction, the Company and Alpha, entered into a Securities Purchase Agreement, pursuant to which the Company issued to Alpha an 8% original issue discount promissory note (the “Original Note”) in the aggregate principal amount of $3,500,000. As disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, the Company and Alpha amended the Original Note on August 14, 2023 (the “Note Amendment Agreement”) increasing the principal amount of the Original Note to $4,095,000, and modifying the timing of, and cure periods for, an Event of Default (defined in the Original Note) under the Original Note. As disclosed in a Current Report on Form 8-K filed on October 6, 2023 (the “October 2023 Form 8-K”), the Company and Alpha amended the Original Note on October 5, 2023 (the “Second Amendment”), which among other things, increased the principal amount of the Original Note by $595,000 and deferred payments and amortization payments due pursuant to the Original Note.

Simultaneously, on February 8, 2024, the Company and Alpha entered into a Securities Exchange Agreement (the “Exchange Agreement”), pursuant to which the parties agreed to exchange the Original Note for a Convertible Note due January 8, 2024 in the principal amount of $4,849,491 (the “Convertible Note”), convertible into Common Stock at the initial conversion price of $0.10 per share of Common Stock, subject to adjustment based on the effectiveness of the Company’s anticipated reverse stock split, as described therein.

On February 8, 2024, AgEagle Aerial Systems Inc. filed a Certificate of Amendment to its Articles of Incorporation, as amended to date (the “Charter”), effecting a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) (the “Reverse Split Amendment”). The Reverse Split Amendment was approved by the Board of the Directors of the Company (the “Board”) and became effective on February 9, 2024.

On February 9, 2024, after the reverse stock split, the outstanding common stock balance became 7,576,297 from approximately 151.5 million.

On February 15, 2024, AgEagle Aerial Systems Inc. announced the appointment of William (“Bill”) Irby to serve as president of the Company, effective as of February 12, 2024.

On March 6, 2024, AgEagle Aerial Systems Inc. entered into a letter agreement with Dawson James Securities, Inc. (“Dawson”) pursuant to which Dawson has agreed to serve, on an exclusive basis for a period of four months, as the sole placement agent for the Company, in connection with the offering of equity securities and equity-linked securities of the Company, including any restructuring, exercise and/or conversion solicitation and/or renegotiating the terms of any warrants to purchase shares of common stock, par value $0.001 per share (the “Common Stock”) and the solicitation of exercise of any additional investment right with respect to Securities of the Company.

Pursuant to the Engagement Agreement, the Company will pay a cash fee equal to $68,862.04 and issue to Dawson warrants to purchase such number of shares of Common Stock, equal to 10% of the aggregate number of shares of Common Stock issued or issuable in the Offerings. These Placement Agent Warrants will have the same terms as any warrants included in any Offering except that such Placement Agent Warrants will have a five (5) year term, an exercise price equal to 125% of the offering price per share and will not include any anti-dilution protection provisions in connection with a subsequent equity issuance, or otherwise.

Additionally, on March 6, 2024, the Company entered into a warrant exercise agreement with several institutional investors (“Investors”) holding warrants issued to such Investors pursuant a securities purchase agreement, dated as of June 5, 2023 in connection with a private placement (the “Existing Warrants”). The Exercise Agreement provides that for those Investors who exercise their Existing Warrants they will receive a reduction in the Exercise Price (as defined in the Existing Warrants) of $0.60 per share of Common Stock. The shares of Common Stock issuable upon exercise of the Existing Warrants were registered pursuant to a registration statement on Form S-1 File No. 333-273332 and declared effective on July 27, 2023. The Company will receive up to $497,700.60 from the exercise of the Existing Warrants. As a result of the Exercise Agreement, the conversion price of the Series F Convertible Preferred was reduced to $0.60 per share.

On March 6, 2024, in connection with the Assigned Rights, the Company received Investor Notices from Alpha and the Assignees for the aggregate purchase of 1,000 shares of Series F Convertible Preferred convertible into 829,394 shares of Common Stock at a conversion price of $1.2057 and warrants to purchase up to 829,394 shares of Common Stock (the “Warrants”) an exercise price of $1.2057 per share for an aggregate purchase price of $1,000,000. The Warrants will be immediately exercisable upon issuance and have a three-year term.

On March 7, 2024, AgEagle Aerial Systems Inc. announced the appointment of Malcolm Bradley Frost to serve as a Board Director of the Company, effective as of March 1, 2024.

As of March 31, 2024, Alpha has converted 3,130 shares of Preferred Stock Series F into 13,402,052 shares of Common Stock, post reverse split. In addition, on February 16, 2024, Alpha converted $100,000 worth of principle of the Promissory Note into 79,828 shares of Common Stock, post reverse split.

F-54