What changed in this filing

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Item 2. Unregistered Sales of Equity Securities

2024-11-14 compared with 2024-08-14 · 19 added, 28 removed, 9 unchanged (84% of the section changed)

Unregistered Sales of Equity Securities and Use of Proceeds

On April 30, 2024, the Company issued 937,249 of restricted

shares of our common stock to our executive officers and board members under our 2022 Equity Incentive Plan.

The issuance was exempt from

registration under Section 3(a)(9) of the Securities Act and Rule 506(b) thereunder.

On May 2, 2024, the Company issued 40,650 of restricted

shares of our common stock to our chief executive officer under our 2022 Equity Incentive Plan.

The issuance was exempt from registration

under Section 3(a)(9) of the Securities Act.

We do not anticipate any significant cost increases post the

On May 17, 2024, the Company issued 75,000 shares

of our common stock to an accredited investor in connection with a conversion of 15 shares of our Series B Convertible Preferred Stock.

The issuance was exempt from registration under Section 3(a)(9) of the Securities Act.

On June 13, 2024, the Company issued 25,000 shares

of our common stock to an accredited investor in connection with a conversion of 5 shares of our Series B Convertible Preferred Stock.

The issuance was exempt from registration under Section 3(a)(9) of the Securities Act.

Unregistered Sales of Equity Securities and Use

All recent sales of unregistered securities have

previously been reported.

Use of Proceeds

On February 13, 2024, the SEC declared effective our

registration statement on Form S-1 (File No.

On February 13, 2024, the SEC declared effective

our registration statement on Form S-1 (File No.

333-270519), as amended, filed in connection with our IPO.

On February 16, 2024, we closed

our IPO in which we sold 1,250,000 shares of our common stock, par value $0.01 per share (the “Shares”) at a public offering

price of $4.00 per share, resulting in net proceeds of $4.5 million after deducting offering costs, underwriting discounts, and other

We incurred and paid additional direct offering costs prior to the close of the IPO of $0.1 million during the six months

ended June 30, 2024, and $0.5 million during the year ended December 31, 2023.

We used $1.0 million of proceeds to pay for the acquisition

of Fat Shark and Rotor Riot.

There has been no material change in the planned use

of proceeds from our IPO from that described in the prospectus dated February 16, 2024, filed with the SEC pursuant to Rule 424(b)(1)

On February 16, 2024, we

closed our IPO in which we sold 1,250,000 shares of our common stock, par value $0.01 per share (the “Shares”) at a public

offering price of $4.00 per share, resulting in net proceeds of $4.5 million after deducting offering costs, underwriting discounts,

and other commissions.

We incurred and paid additional direct offering costs prior to the close of the IPO of $0.1 million during the

nine months ended September 30, 2024, and $0.5 million during the year ended December 31, 2023.

We used $1.0 million of proceeds to pay

for the acquisition of Fat Shark and Rotor Riot.

There has been no material change in the planned

use of proceeds from our IPO from that described in the prospectus dated February 16, 2024, filed with the SEC pursuant to Rule 424(b)(1)

under the Securities Act.

1 unchanged sentence

combination and acquisition of Fat Shark and Rotor Riot and the remaining amount will be used for working capital and general corporate

The Company shall use the net proceeds from the

sale of the securities issued in the October 2024 private placement for general corporate purposes (which for the avoidance of doubt

may include acquisitions, in the Company’s discretion), including working capital.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities

during the six months ended June 30, 2024.

during the nine months ended September 30, 2024.

Defaults Upon Senior Securities

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Unregistered Sales of Equity Securities