CYNERGISTEK, INC

2022 Q3 Form 10-Q Financial Statement

#000109690622001902 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.413M $1.209M
YoY Change -64.9% -72.8%
Cash & Equivalents $1.413M $1.209M
Short-Term Investments
Other Short-Term Assets $1.323M $1.729M
YoY Change -20.82% -4.3%
Inventory
Prepaid Expenses
Receivables $2.410M $1.684M
Other Receivables $781.9K $2.267M
Total Short-Term Assets $5.927M $6.888M
YoY Change -41.51% -35.69%
LONG-TERM ASSETS
Property, Plant & Equipment $164.7K $218.1K
YoY Change -45.34% -42.74%
Goodwill $8.394M $8.394M
YoY Change
Intangibles $4.175M $4.438M
YoY Change
Long-Term Investments $34.31K $34.31K
YoY Change -27.59% -46.88%
Other Assets $0.00 $6.351M
YoY Change -100.0% 27.13%
Total Long-Term Assets $12.77M $19.44M
YoY Change -33.33% -0.63%
TOTAL ASSETS
Total Short-Term Assets $5.927M $6.888M
Total Long-Term Assets $12.77M $19.44M
Total Assets $18.70M $26.32M
YoY Change -36.16% -13.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.284M $1.172M
YoY Change 49.04% 25.9%
Accrued Expenses $426.3K $389.0K
YoY Change -28.26% -41.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $3.513M $3.043M
YoY Change 3.24% -9.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.513M $3.043M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.513M $3.043M
YoY Change -43.6% -59.44%
SHAREHOLDERS EQUITY
Retained Earnings -$26.52M -$18.24M
YoY Change
Common Stock $13.26K $13.26K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.18M $23.28M
YoY Change
Total Liabilities & Shareholders Equity $18.70M $26.32M
YoY Change -36.16% -13.03%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Amendment Flag
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dei Entity File Number
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dei Entity Registrant Name
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CYNERGISTEK, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
EntityAddressAddressLine1
11940 Jollyville Road
dei Entity Address Address Line2
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Suite 300-N
dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei City Area Code
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dei Security12b Title
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259157 usd
ctek Increase Decrease In Earnout Liability
IncreaseDecreaseInEarnoutLiability
-247444 usd
ctek Increase Decrease In Earnout Liability
IncreaseDecreaseInEarnoutLiability
0 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1970587 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1267881 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
51491 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38696 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-51491 usd
CY2022Q2 ctek Cash And Cash Equivalents At Carrying Value Rounded
CashAndCashEquivalentsAtCarryingValueRounded
1400000 usd
CY2022Q2 ctek Working Capital Deficit
WorkingCapitalDeficit
-2400000 usd
CY2022Q2 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
750000 usd
us-gaap Loss On Contract Termination
LossOnContractTermination
710000 usd
CY2022Q2 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
750000 usd
CY2022Q2 us-gaap Credit Card Receivables
CreditCardReceivables
50000 usd
ctek Pending Merger With Clearwater Compliance Llc
PendingMergerWithClearwaterComplianceLlc
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>2</strong>. <strong>PENDING MERGER WITH CLEARWATER COMPLIANCE LLC</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On May 23, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Clearwater Compliance LLC, a Tennessee limited liability company ( “Clearwater”), and Clearwater Compliance Acquisition Company I, a Delaware corporation and a wholly owned subsidiary of the Clearwater (the “Merger Sub”). Clearwater is a portfolio company of funds affiliated with Altaris Capital Partners, LLC. The Merger Agreement provides, subject to its terms and conditions, for the acquisition of the Company by Clearwater through the merger of Merger Sub with and into the Company, with the Company surviving the Merger as a wholly owned subsidiary of Clearwater (the “Merger”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As a result of the Merger, each share of common stock of the Company (“Common Stock”) that is issued and outstanding immediately prior to the effective time of the Merger (the “Effective Time”) (other than shares owned by any subsidiary of the Company, the Merger Sub, Clearwater or any other subsidiary of Clearwater immediately prior to the Effective Time (all of which will be canceled) and shares held by any holder who is entitled to, and who has perfected, appraisal rights under Delaware law) will be automatically converted into the right to receive cash in an amount of $1.25 per share, without interest, subject to any required withholding of taxes (the “Merger Consideration”). Additionally, each outstanding and unexercised Company stock option at the Effective Time shall vest in full and automatically be canceled and converted into the right to receive the excess, if any, of the Merger Consideration over the exercise price per share of such stock option; provided that, in the event that the exercise price of any such stock option is equal to or greater than the Merger Consideration, such stock option will be canceled, without any consideration being payable in respect thereof and have no further force or effect; and each Company restricted stock unit that is then outstanding and unvested shall vest in full and automatically be canceled and converted into the right to receive the Merger Consideration. Also, at or prior to the Effective Time, any outstanding but unexercised warrants to purchase Common Stock shall be canceled and, in certain circumstances, payment therefor will be paid to such warrant holders in accordance with the terms of their respective warrants.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In connection with the negotiation and execution of the Merger Agreement, the Company has incurred legal, consulting and accounting fees of approximately $406,000 through the quarter ended June 30, 2022.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">A special meeting of stockholders of the Company will be held at 3:00 p.m. Central Time on August 31, 2022, to approve and adopt the Merger Agreement and approve the Merger, among other matters.</p>
CY2022Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.25
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
406000 usd
CY2022Q2 ctek Unamortized Deferred Sales Commissions
UnamortizedDeferredSalesCommissions
553000 usd
CY2021Q4 ctek Unamortized Deferred Sales Commissions
UnamortizedDeferredSalesCommissions
760000 usd
CY2022Q2 us-gaap Leasing Commissions Expense
LeasingCommissionsExpense
241000 usd
us-gaap Leasing Commissions Expense
LeasingCommissionsExpense
406000 usd
CY2021Q2 us-gaap Leasing Commissions Expense
LeasingCommissionsExpense
184000 usd
us-gaap Leasing Commissions Expense
LeasingCommissionsExpense
367000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1190592 usd
ctek Description Of Area Of Leases
DescriptionOfAreaOfLeases
leased approximately 9,600 square feet of office space in Austin, Texas. In March 2020, we amended this lease reducing the office space to 5,000 square feet and extended the lease term to May 31, 2022. We extended the lease term to May 31, 2023. We leased approximately 3,700 square feet of office space in Minneapolis, Minnesota. This lease term expired on January 31, 2022 and we no longer use this office space since the employees who worked from this location are now working remote. We leased approximately 18,000 square feet of office space in Mission Viejo, California. This lease expired in April 2021
us-gaap Operating Lease Cost
OperatingLeaseCost
78937 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
266536 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
148491 usd
us-gaap Lease Cost
LeaseCost
78937 usd
us-gaap Lease Cost
LeaseCost
118045 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
17050000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
0 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
2000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
23000 usd
CY2022Q2 us-gaap Revenues
Revenues
3943394 usd
us-gaap Revenues
Revenues
8603962 usd
us-gaap Revenues
Revenues
8048664 usd
ctek Summary Of Stock Optiontabletextblock
SummaryOfStockOptiontabletextblock
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Options</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Number of Shares</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Weighted Average Exercise Price</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Weighted Average Remaining Term in Years</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Aggregate </strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Intrinsic Value</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Outstanding at December 31, 2021</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">960,838</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.11</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8.51</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Granted</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Exercised</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,995</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.08</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Canceled</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(76,340</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.90</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Outstanding at June 30, 2022</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">882,503</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1.87</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">8.22</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Exercisable at June 30, 2022</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">278,503</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">2.05</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">6.77</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2022Q1 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
232800 shares
ctek Cost Of Revenues
CostOfRevenues
86370 usd
ctek Cost Of Revenues
CostOfRevenues
-3191 usd
us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
27149 usd
us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
63831 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
256057 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
506069 usd
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
338272 usd
us-gaap Share Based Compensation
ShareBasedCompensation
369576 usd
us-gaap Share Based Compensation
ShareBasedCompensation
566709 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
685313000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9146673 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-967199 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13253551 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12081328 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13253551 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12081328 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.94 pure
ctek Description Of Agreement Aggregate Purchase Price
DescriptionOfAgreementAggregatePurchasePrice
the Shares consisted of (i) a cash payment of $5.5 million, less certain transaction expenses (the “Cash Consideration”), (ii) the issuance of 491,804 shares of our common stock to the Stockholders, pro rata among the Stockholders in proportion to each Stockholder’s ownership of the Shares, and (iii) an earn-out, pursuant to which the Stockholders may be entitled to an additional $4.0 million based upon the post-closing financial performance of Backbone, to be calculated annually based upon revenue generated by the Backbone business during each year
CY2022Q2 ctek Additonal Capital
AdditonalCapital
1400000 usd
CY2022Q2 ctek Loan Recevied
LoanRecevied
2800000 usd
CY2022Q2 ctek Employee Retention Tax Credits Received
EmployeeRetentionTaxCreditsReceived
700000 usd
ctek Tax Refund Amount Recevied
TaxRefundAmountRecevied
1400000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1353547 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1025895 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1109756 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
164697 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
243791 usd
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.055 pure
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
38790 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
82740 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
0 usd
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
19954 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
38790 usd
CY2021Q2 us-gaap Lease Cost
LeaseCost
62786 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-12874570 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4175430 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
17050000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-12348509 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4701491 usd
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
10000 usd
CY2021Q2 us-gaap Revenues
Revenues
3875143 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
601949 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.39
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P7Y3M14D
ctek Share Based Compensation Arrangement By Share Based Payment Award Warrants Granted Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsGrantedWeightedAverageExercisePrice
0
ctek Sharebased Compensation Arrangement By Sharebased Payment Award Stock Warrants Exercises Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardStockWarrantsExercisesWeightedAverageExercisePrice
0
ctek Sharebased Compensation Arrangement By Sharebased Payment Award Stock Warrants Expirations Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardStockWarrantsExpirationsWeightedAverageExercisePrice
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
601949 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P6Y9M25D
CY2022Q2 ctek Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable
601949 shares
CY2022Q2 ctek Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisableWeightedAverageExercisePrice
2.46
ctek Exercisable Weighted Average Remaining Contractual Life
ExercisableWeightedAverageRemainingContractualLife
P6Y9M25D
CY2022Q2 ctek Cost Of Revenues
CostOfRevenues
46401 usd
CY2021Q2 ctek Cost Of Revenues
CostOfRevenues
39002 usd
CY2022Q2 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
18807 usd
CY2021Q2 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
34850 usd
CY2022Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
113207 usd
CY2021Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
264420 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
178415 usd
ctek Potentially Dilutive Securities
PotentiallyDilutiveSecurities
449450 shares
ctek Potentially Dilutive Securities
PotentiallyDilutiveSecurities
741850 shares
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8276194 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-46888 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13256570 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12120698 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13256570 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12120698 shares
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.62
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.62
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
17400000 usd
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
over the next 24 months
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.15 pure
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.14 pure
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
164000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
95000 usd
us-gaap Cash Divested From Deconsolidation
CashDivestedFromDeconsolidation
1500000 usd
CY2022Q2 us-gaap Hybrid Instruments At Fair Value Net
HybridInstrumentsAtFairValueNet
2400000 usd
ctek Estimated Fair Value Of Earnout
EstimatedFairValueOfEarnout
1300000 usd
CY2022Q2 ctek Contingent Earnout Liability
ContingentEarnoutLiability
1100000 usd
ctek Contingent Earn Out Estimate Full Write Off
ContingentEarnOutEstimateFullWriteOff
1300000 usd
CY2021Q3 ctek Valuation Of Contingent Earn Out Estimate Previous
ValuationOfContingentEarnOutEstimatePrevious
300000 usd
CY2021Q4 ctek Valuation Of Contingent Earn Out Estimate Previous
ValuationOfContingentEarnOutEstimatePrevious
500000 usd
CY2022Q2 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
359000 usd
ctek Payment For Earout Liability Period
PaymentForEaroutLiabilityPeriod
259000 usd

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