false
0002011208
0002011208
2024-09-26
2024-09-26
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 26, 2024
Safe
Pro Group Inc.
(Exact
name of Registrant as specified in its Charter)
| Delaware |
|
001-42261 |
|
87-4227079 |
| (State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
| of incorporation) |
|
File
No.) |
|
Identification
No.) |
18305
Biscayne Blvd., Suite 222
Aventura,
Florida 33160
(Address
of principal executive offices)
Registrant’s
Telephone Number, including area code: (786) 409-4030
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2.):
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, par value $0.0001 |
|
SPAI |
|
The
NASDAQ Stock Market LLC |
Item
2.02. Results of Operations and Financial Condition.
On
September 26, 2024, Safe Pro Group Inc. (the “Company”) issued a press release reporting its financial and operating results
for the second quarter of 2024 (the “Earnings Release”). A copy of the Earnings Release is attached hereto as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein by reference.
None
of the information furnished in this Item 2.02 will be deemed “filed” for the purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor will it be deemed
incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”).
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
September 26, 2024
| |
By:
|
/s/
Daniyel Erdberg |
| |
|
Daniyel
Erdberg |
| |
|
Chairman
and Chief Executive Officer |
| |
|
(principal
executive officer) |
Exhibit
99.1
Safe
Pro Group Reports Record 524% Revenue Increase in Second Quarter of 2024
-
2024 Second Quarter Sales Surpass Total 2023 Sales; Company Reports Sequential Quarterly Revenue Growth of 114% -
-
Company Accelerates Real-World Adoption of its AI-Powered Drone Imagery Analysis Platform in Ukraine -
AVENTURA,
FL – September 26, 2024 – Safe Pro Group Inc. (Nasdaq: SPAI) (“Safe Pro” or the “Company”), a
leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, today announced record financial
results for the second fiscal quarter ended June 30, 2024.
“The
completion of our second quarter, the first following our IPO on Nasdaq, marks a milestone for our company and reflects the hard work
and dedication of our team,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc. “With new capital, we are investing
across the business to further build our AI image processing technology, aerial managed drone services and American-made ballistic protection
products. We are also making significant strides in developments which will be important for further advancing our mission including
the recent Patent Allowance Notification for our AI software technology and ongoing work in Ukraine with the United Nations Development
Programme and other humanitarian mine action organizations.”
Safe
Pro Group was created to develop advanced protective solutions using cutting-edge technologies like AI, drones and high-performance,
American-made ballistic gear. “Our IPO and the increased sale of our innovative products and services supporting humanitarian aid,
peacekeeping organizations, law enforcement, public safety and critical infrastructure operators, are key milestones that we have achieved
this year as we execute on our global mission. We are especially proud of our efforts to support landmine clearance activities in Ukraine
where interest in our patent-pending SpotlightAITM AI-powered drone image analysis software continues to grow. Ukraine’s
unprecedented landmine crisis demands a rapid, modernized, and more efficient approach to land clearance and that is why we believe that
SpotlightAITM’s unique capabilities will drive its continued adoption by humanitarian organizations in the months and
years ahead,” concluded Mr. Erdberg.
Financial
Highlights of the Quarter Ended June 30, 2024 Included:
| ● | Net revenue for
the second quarter of 2024 was a record $642,989, an increase of approximately $539,981 or 524.2% vs. revenue of $103,008 recorded in
the quarter ended June 30, 2023. Total revenue increased $342,989 from the first quarter ended March 31, 2024, representing sequential
growth of 114%. Revenue was primarily driven by increased sales of ballistic protective products at the Company’s Safe-Pro USA
subsidiary and drone-based aerial services contract revenue generated at its Airborne Response unit. |
| ● | Gross margin for
the second quarter of 2024 was 32.8% compared to 35.8%, primarily due to the sale of certain lower margin fragmentation and blast resistant
personal protective equipment (PPE) products in the most recent quarter. |
| ● | Gross profit in
the second quarter of 2024 increased 73.4% to $311,830 as compared to $170,720 in the same period of 2023. As a result of significant
expenses related to the Company’s IPO including expansion of new personnel, professional fees for audit and legal services and
non-cash charges related to stock-based compensation, it reported a net loss for the quarter of $2,358,783 as compared with a loss of
$1,214,474 reported for the quarter ended June 30, 2023. |
Organizational
Highlights and Recent Business Developments:
| ● | On
September 18, 2024, Safe Pro received official Notice of Allowance from the US Patent and
Trademark Office (USPTO) confirming the patentability of all 21 claims in the Company’s
patent application entitled “Systems and Methods for Detecting and Identifying Explosives.”
These claims cover the autonomous detection, identification, and labeling of explosives in
orthomosaic images utilizing AI processing of images from an unmanned aerial vehicle (“UAV”)
as utilized by its SpotlightAI™ drone imagery analysis ecosystem. Also in September,
the Company announced that its Safe Pro AI subsidiary had completed a drone survey operation
in Ukraine under a purchase order (PO) awarded by the United Nations Development Programme
(UNDP). |
| ● | On
August 30, 2024, the Company announced the closing of its initial public offering of 1,020,000
shares of common stock at a price to the public of $5.00 per share, raising gross proceeds
of $5.1 million, before deducting underwriting discounts and offering expenses. Its shares
commenced trading on the Nasdaq Capital Market under the ticker symbol “SPAI”
on August 28, 2024. |
| ● | In
June, Safe Pro was invited to participate in the Amazon Web Services (AWS) Public Sector
Summit in Washington, D.C. where it was highlighted as one of several companies utilizing
the power of Generative AI and leveraging the hyper scalability of AWS to support the development
of its patent-pending SpotlightAI™ drone imagery analysis ecosystem. AWS also published
a sponsored case study on Safe Pro’s SpotlightAI™ and its effectiveness in real-world
use in Ukraine by the humanitarian aid organization, Norwegian People’s Aid (NPA). |
For
more information about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com/ and connect
with us on Facebook and X.
About
Safe Pro Group Inc.
Safe
Pro Group is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing for humanitarian mine-clearing
efforts. The Company leverages commercially available “off-the-shelf” drones with its proprietary machine learning and computer
vision technology to rapidly identify explosive threats which provides a much safer and more efficient alternative to traditional human-based
methods to analyze minefields. Built on a cloud-based ecosystem powered by Amazon Web Services (AWS), Safe Pro Group’s scalable
platform is targeting multiple markets that include government, humanitarian aid, law enforcement, military and commercial sectors where
its AI, protective gear, and drone-based services can work in synergy to deliver safety and operational efficiency. For more information
on Safe Pro Group Inc., please visit https://safeprogroup.com/.
Forward-Looking
Statements
Some
of the statements in this press release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements
relate to future events, future expectations, plans and prospects. Although Safe Pro Group believes the expectations reflected in such
forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results
expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology
including ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’
‘‘plans,’’ ‘‘projects,’’ ‘‘intends,’’ ‘‘potential,’’
‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’
‘‘should,’’ ‘‘approximately’’ or other words that convey uncertainty of future events
or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks,
uncertainties and other factors, including market and other conditions. More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange
Commission (the “SEC”), copies of which may be obtained from the SEC’s website at www.sec.gov. Any forward-looking
statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking
statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of
unanticipated events, except as required by law.
Media
Relations for Safe Pro Group Inc.:
Media@safeprogroup.com
Investor
Relations for Safe Pro Group Inc.:
investors@safeprogroup.com
v3.24.3
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Safe Pro (NASDAQ:SPAI)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Safe Pro (NASDAQ:SPAI)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
