IGEN NETWORKS CORP

2023 Q4 Form 10-Q Financial Statement

#000147793223008691 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change -100.0%
Cash & Equivalents $0.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $33.32K
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $33.32K
YoY Change -76.57%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $33.32K
Total Long-Term Assets $0.00
Total Assets $33.32K
YoY Change -95.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $367.6K
YoY Change -2.83%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $779.5K
YoY Change 69.35%
Total Short-Term Liabilities $1.248M
YoY Change 21.97%
LONG-TERM LIABILITIES
Long-Term Debt $165.0K
YoY Change -37.87%
Other Long-Term Liabilities $41.47K
YoY Change -65.66%
Total Long-Term Liabilities $206.4K
YoY Change -46.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.248M
Total Long-Term Liabilities $206.4K
Total Liabilities $1.455M
YoY Change 3.19%
SHAREHOLDERS EQUITY
Retained Earnings -$21.23M
YoY Change 7.56%
Common Stock $2.800M
YoY Change 65.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.449M
YoY Change
Total Liabilities & Shareholders Equity $33.32K
YoY Change -95.32%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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IGEN Networks Corp.
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OperatingLeasePayments
20495 usd
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
0 usd
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
1250 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
31985 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
89240 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
26000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
485000 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
71865 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
310000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
129850 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
749802 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
0 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
19140 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64429 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
83569 usd
igen Issuance Of Common Shares Fair Value
IssuanceOfCommonSharesFairValue
0 usd
igen Issuance Of Common Shares Fair Value
IssuanceOfCommonSharesFairValue
0 usd
igen Increase Decrease In Derecognition Of Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInDerecognitionOfOtherAccountsPayableAndAccruedLiabilities
0 usd
igen Increase Decrease In Derecognition Of Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInDerecognitionOfOtherAccountsPayableAndAccruedLiabilities
0 usd
igen Conversion Of Preferred Stock Derecognition Of Unamortized Discount Other
ConversionOfPreferredStockDerecognitionOfUnamortizedDiscountOther
0 usd
igen Conversion Of Preferred Stock Derecognition Of Unamortized Discount Other
ConversionOfPreferredStockDerecognitionOfUnamortizedDiscountOther
0 usd
igen Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Realized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInRealizedGainLoss
0 usd
igen Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Realized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInRealizedGainLoss
0 usd
igen Fair Value Of Common Shares Issued Amount
FairValueOfCommonSharesIssuedAmount
415289 usd
igen Fair Value Of Common Shares Issued Amount
FairValueOfCommonSharesIssuedAmount
464572 usd
igen Conversion Of Preferred Stock Derecognition Of Preferred Stock
ConversionOfPreferredStockDerecognitionOfPreferredStock
-234407 usd
igen Conversion Of Preferred Stock Derecognition Of Preferred Stock
ConversionOfPreferredStockDerecognitionOfPreferredStock
-300889 usd
igen Derecognition Of Unamortized Discount
DerecognitionOfUnamortizedDiscount
-114316 usd
igen Derecognition Of Unamortized Discount
DerecognitionOfUnamortizedDiscount
-100623 usd
igen Derecognition Of Derivative Liability
DerecognitionOfDerivativeLiability
-172241 usd
igen Derecognition Of Derivative Liability
DerecognitionOfDerivativeLiability
-165206 usd
us-gaap Dividends
Dividends
51136 usd
us-gaap Dividends
Dividends
97773 usd
igen Discount Related To Issuance Of Preferred Stock
DiscountRelatedToIssuanceOfPreferredStock
62239 usd
igen Discount Related To Issuance Of Preferred Stock
DiscountRelatedToIssuanceOfPreferredStock
140152 usd
igen Deemed Dividends On Preferred Stock Excluding Conversions
DeemedDividendsOnPreferredStockExcludingConversions
11706 usd
igen Deemed Dividends On Preferred Stock Excluding Conversions
DeemedDividendsOnPreferredStockExcludingConversions
-96459 usd
igen Issuance Of Conversion Shares For Commitment Fee On Equity Life
IssuanceOfConversionSharesForCommitmentFeeOnEquityLife
0 usd
igen Issuance Of Conversion Shares For Commitment Fee On Equity Life
IssuanceOfConversionSharesForCommitmentFeeOnEquityLife
12500 usd
CY2023Q3 igen Working Capital Deficit
WorkingCapitalDeficit
-1214798 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21234777 usd
CY2023Q3 us-gaap Deposit Contracts Assets
DepositContractsAssets
86978 usd
CY2022Q4 us-gaap Deposit Contracts Assets
DepositContractsAssets
73450 usd
us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
5678 usd
igen Revenue
Revenue
106128 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, valuation of inventory, the useful life and recoverability of equipment, impairment of goodwill, valuation of notes payable and convertible debentures, fair value of stock-based compensation and derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p>
CY2023Q3 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
12000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
16000 usd
igen Deferred Revenues Outstanding
DeferredRevenuesOutstanding
104940 usd
igen Property Plant And Equipment Useful Lifes
PropertyPlantAndEquipmentUsefulLifes
P3Y
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
505508 usd
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">We recognize revenue in accordance with ASC 606, “Revenue from Contracts with Customers”, using the five-step model, including (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue in accordance with U.S. GAAP. Title and risk of loss generally pass to our customers upon delivery, as we have insurance for lost shipments. In limited circumstances where either title or risk of loss pass upon destination or acceptance or when collection is not reasonably assured, we defer revenue recognition until such events occur. We derive substantially all our revenues from the sale of products and services combined into one performance obligation. Product revenue includes the shipment of products according to the agreement with our customers. Service revenue includes vehicle tracking services and customer support (technical support), installations and consulting. A contract usually includes both product and services. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. Performance obligations include, but are not limited to, pass-thru harnesses and vehicle tracking services. Almost all of our revenues are derived from customers located in United States of America in the auto industry. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are not sold on a standalone basis. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time, the Company has transferred use of the asset, and the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. For arrangements under which the Company provides vehicle tracking services, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The Company provides product warranties with varying lengths of time and terms. The product warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations. The Company has historically experienced a low rate of product returns under the warranty program.</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 0px 0px 0in; text-align:justify;">Management assesses the business environment, customers’ financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured.</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 0px 0px 0in; text-align:justify;">Revenue relating to the sale of service fees on its vehicle tracking and recovery services is recognized over the life of the contract. The service renewal fees are offered in terms ranging from 12 to 36 months and are generally payable upon delivery of the vehicle tracking devices or in full upon renewal.</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 0px 0px 0in; text-align:justify;">Deferred revenues are recorded net of contract assets when cash payments are received from customers in advance of the Company’s performance. Contract assets represent the costs of (1) commission costs, (2) installation costs, and (3) the underlying hardware to enable the Company to perform on its contract with customers and are amortized using the same method and term as deferred revenues. As of September 30, 2023, and December 31, 2022, deferred revenues, net of contract assets totaled $104,169 and $162,698, respectively, and contract assets totaled $86,978 and $73,450, respectively. Any revenue that has been deferred and is expected to be recognized beyond one year is classified as deferred revenue, net of current portion.</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 0px 0px 0in; text-align:justify;">During the nine months ended September 30, 2023, the Company recorded additions to deferred revenues of $5,678 and recognized total revenues of $106,128 through the amortization of deferred revenues. During the nine months ended September 30, 2023, the Company recognized revenues of $104,940 related to deferred revenues outstanding as of December 31, 2022, as the services were performed.</p>
CY2023Q3 us-gaap Deferred Revenue
DeferredRevenue
104169 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
162698 usd
CY2023Q3 igen Potentially Dilutive Shares Outstanding
PotentiallyDilutiveSharesOutstanding
513173649 shares
CY2022Q3 igen Potentially Dilutive Shares Outstanding
PotentiallyDilutiveSharesOutstanding
285686866 shares
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
779495 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3454 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3586 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3718 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3900 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
150295 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
944448 usd
CY2023Q3 igen Derivative Current Liabilities
DerivativeCurrentLiabilities
0 usd
CY2023Q3 igen Embedded Conversion Feature Convertible Debt
EmbeddedConversionFeatureConvertibleDebt
38338 usd
CY2023Q3 igen Embedded Conversion Feature Preferred Stock
EmbeddedConversionFeaturePreferredStock
38338 usd
igen Balances As Of The Beginning Of The Year
BalancesAsOfTheBeginningOfTheYear
0 usd
igen Derivative Liabilities Recorded Upon Issuance Of Convertible Debt
DerivativeLiabilitiesRecordedUponIssuanceOfConvertibleDebt
0 usd
us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
0 usd
igen Fair Value Assets Measured On Recurring Basis Change In Realized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInRealizedGainLoss
0 usd
igen Ending Balance Convertible Debt
EndingBalanceConvertibleDebt
0 usd
igen Embedded Conversion Features Beginning Balance
EmbeddedConversionFeaturesBeginningBalance
111010 usd
igen Derivative Liabilities Recorded Upon Issuance Of Preferred Stock
DerivativeLiabilitiesRecordedUponIssuanceOfPreferredStock
73945 usd
igen Conversion Of Stock Amount Converted
ConversionOfStockAmountConverted
-172242 usd
igen Net Changes In Fair Value Included In Net Loss
NetChangesInFairValueIncludedInNetLoss
25624 usd
igen Embedded Conversion Features Ending Balance
EmbeddedConversionFeaturesEndingBalance
38338 usd
igen Total Ending Balance
TotalEndingBalance
38338 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
172241 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
145079363 shares

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