Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Disaggregation of Revenue

The following table presents our revenues from contracts with customers disaggregated by revenue source.

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
DropCar Operating Subscription Services	$	1,282,961	$	671,202	$	2,639,555	$	1,171,888
DropCar Operating Services On-Demand		591,035		218,093		926,517		355,965
DropCar Operating Revenue (1)		1,873,996		889,295		3,566,072		1,527,853
WPCS Revenue		4,466,371		-		7,648,849		-
Total Revenues (2)	$	6,340,367	$	889,295	$	11,214,921	$	1,527,853

(1)	Represents revenues recognized by type of services.
(2)	All revenues are generated in the United States.

Contract with Customer, Asset and Liability

As of June 30, 2018, and January 31, 2018 (date of acquisition), WPCS net contract liabilities consisted of the following:

	June 30, 2018			January 31, 2018
Contract Assets	$	690,150		$	243,764
Contract Liabilities, current		(1,528,525	)		(2,533,501	)
Purchase price adjustment on date of acquisition for contract liabilities		239,064			239,064
Contract Liabilities, non-current		—			—
Contract liabilities, net	$	(599,311	)	$	(2,050,673	)

Contract With Customer Changed in Backlog Table Text Block

The following table summarizes changed in the WPCS backlog during the six months ended June 30, 2018:

	Six Months Ended
	June 30,
	2018			2017
Backlog — beginning of period	$	13,262,563		$	-
New awards		11,432,670			-
Adjustments and cancellations, net (1)		1,579,037			-
Work performed		(7,645,711	)		-
Backlog — end of period	$	18,628,559		$	-

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The table below includes an estimate as to when WPCS anticipates recognizing revenue from these unsatisfied performance obligations.

	Within one year		Greater than one year
Remaining performance obligations:
Unsatisfied Performance Obligation		15,910,202		2,718,357
Total remaining performance obligation	$	15,910,202	$	2,718,357

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities were excluded from weighted average diluted common shares outstanding because their inclusion would have been antidilutive.

	As of June 30,
	2018		2017
Common stock equivalents:
Common stock options		1,212,349		-
Series A, H-1, H-3, H-4, I and Merger common stock purchase warrants		3,511,840		-
Series H, H-3, and H-4 Convertible Preferred Stock		2,739,225		-
Restricted shares (unvested)		1,467,858		-
Convertible notes		-		379,842
Series seed preferred stock		-		275,691
Series A preferred stock		-		611,944
Totals		8,931,272		1,267,477