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REVENUE
 12 Months Ended
Dec. 31, 2021
Revenue  
REVENUE

21. REVENUE

 

The Company sub-classifies revenue within the following components: product revenue and services revenue. Product revenue comprises of sales of internally assembled multi-rotor helicopters, industrial aerial video systems, civilian small unmanned aerial systems or vehicles, and wireless video systems. Services revenue consists of fees charged for custom engineering, drone as a service work, and training and simulation consulting.

 

             
   For the years ended December 31, 
   2021   2020   2019 
Product sales  $5,103,399   $3,087,223   $248,939 
Drone service   1,304,799    630,532    - 
Services   645,667    645,756    1,131,488 
Revenue   $7,053,865   $4,363,511   $1,380,427 

 

The Company does not derive significant revenue from any (2020 – 1) customers that exceeds 10% of total revenues for the year ended December 31, 2021 (2020 – $474,701 of custom engineering services revenue).

 

Consulting revenue:

 

On May 22, 2017, the Company executed a standard consulting agreement, whereby the Company would provide consulting, custom engineering and investigating and solving on a project-by-project basis. The Company shall be responsible for the development, design, procurement, fabrication, assembly, integration, checkout, integration and test of hardware, software, and firmware necessary to produce a complete system per each project. The consideration for the services performed are based on the labor cost incurred on an hourly basis and minimal preapproved expenditures.

 

Geographic revenue segmentation is as follows:

 

             
   For the years ended December 31, 
   2021   2020   2019 
Canada  $4,937,935   $2,270,862   $127,118 
United States   2,071,492    1,982,404    1,251,199 
International   44,438    110,245    2,110 
Revenue   $7,053,865   $4,363,511   $1,380,427 

 

 

Draganfly Inc.

Notes to the Consolidated Financial Statements

For The Year Ended December 31, 2021

Expressed in Canadian Dollars

 

21. REVENUE (CONT’D)

 

Non current assets for each geographic segment are as follows:

 

 

   Canada   United States   International 
   For the years ended December 31, 
   Canada   United States   International 
Goodwill  $2,166,564   $3,773,845   $- 
Property and equipment   297,043    -    - 
Intangible assets   219,093    374,808    - 
Investments   291,066    -    - 
Notes receivable   -    964,006    - 
Right of use assets   468,106    -    - 
TOTAL ASSETS  $3,441,872   $5,112,659   $- 

 

 

Draganfly Inc.

Notes to the Consolidated Financial Statements

For The Year Ended December 31, 2021

Expressed in Canadian Dollars