2021 Q4 Form 10-K Financial Statement

#000147793222002436 Filed on April 15, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $608.5K
YoY Change
Cost Of Revenue $458.9K
YoY Change
Gross Profit $149.6K
YoY Change
Gross Profit Margin 24.59%
Selling, General & Admin $387.9K
YoY Change 6753.71%
% of Gross Profit 259.23%
Research & Development $36.65K
YoY Change
% of Gross Profit 24.49%
Depreciation & Amortization $24.16K
YoY Change
% of Gross Profit 16.14%
Operating Expenses $429.8K
YoY Change 7494.33%
Operating Profit -$280.2K
YoY Change 4850.42%
Interest Expense -$29.81K
YoY Change
% of Operating Profit
Other Income/Expense, Net $4.250K
YoY Change
Pretax Income -$272.1K
YoY Change 4706.78%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$272.1K
YoY Change 4708.48%
Net Earnings / Revenue -44.71%
Basic Earnings Per Share
Diluted Earnings Per Share -$295.60
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $484.2K
YoY Change
Cash & Equivalents $484.2K $0.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $884.7K
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00
Total Short-Term Assets $1.369M $1.369M $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $270.5K $270.5K $0.00
YoY Change
Goodwill $693.1K
YoY Change
Intangibles $74.74K $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000K
YoY Change
Total Long-Term Assets $1.040M $1.040M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.369M $1.369M $0.00
Total Long-Term Assets $1.040M $1.040M $0.00
Total Assets $2.409M $2.409M $0.00
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.75K $48.75K $0.00
YoY Change
Accrued Expenses $20.11K $1.198M $0.00
YoY Change 32459.78%
Deferred Revenue
YoY Change
Short-Term Debt $82.16K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.329M $1.329M $3.678K
YoY Change 36036.57% 36016.85%
LONG-TERM LIABILITIES
Long-Term Debt $1.099M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.099M $1.099M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.329M $1.329M $3.678K
Total Long-Term Liabilities $1.099M $1.099M $0.00
Total Liabilities $2.428M $2.621M $3.678K
YoY Change 65909.33% 71117.93%
SHAREHOLDERS EQUITY
Retained Earnings -$23.90M -$23.68M
YoY Change 0.9%
Common Stock $13.95K $196.7K
YoY Change -92.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.49K -$211.5K -$3.678K
YoY Change
Total Liabilities & Shareholders Equity $2.409M $2.409M $0.00
YoY Change

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$272.1K
YoY Change 4708.48%
Depreciation, Depletion And Amortization $24.16K
YoY Change
Cash From Operating Activities -$1.119M
YoY Change 19676.88%
INVESTING ACTIVITIES
Capital Expenditures -$350.7K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$306.9K
YoY Change
Cash From Investing Activities -$657.6K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $80.00K
YoY Change
Debt Paid & Issued, Net $30.28K
YoY Change
Cash From Financing Activities $2.261M
YoY Change 39857.58%
NET CHANGE
Cash From Operating Activities -$1.119M
Cash From Investing Activities -$657.6K
Cash From Financing Activities $2.261M
Net Change In Cash $484.2K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.119M
Capital Expenditures -$350.7K
Free Cash Flow -$768.2K
YoY Change 13477.87%

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<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><span class="atag" id="note" style="display: inline">Note 1 – Organization and History</span></strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On May 13, 2009, 808 Renewable Energy Corporation, (the "Company”), was incorporated in Nevada as Tri-Energy, Inc. for the purpose of acquiring and managing renewable energy products. </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 or around March 2016, the Company failed to file reports with the Securities and Exchange Commission and has since abandoned and ceased all operations. A shareholder and affiliate of the officer/director of the Company filed with the court in Nevada a petition to act as the custodian for the Company and was granted such authority in September 2018. The custodian paid outstanding debts of the Company and filed the necessary documents to bring the Company into compliance with state authority and to maintain such compliance. On July 19, 2019, the shareholder was removed as custodian of the Company. See Note 3 – Debt.   </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 March 15, 2021, the Company acquired fifty-five percent (55%) of the membership interest in SilverLight Aviation LLC (“SLA LLC”), a Florida limited liability company, that has been in business for approximately ten years and specializes in the design, manufacture and sale of gyroplane kits to the general public throughout the United States. See Note 4 – Significant Acquisition. </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 3, 2021 the Company entered into an Asset Purchase Agreement to acquire certain assets in the Trike field from Atelier de Motelage RB, Inc. in exchange for an aggregate of One Hundred Ninety Five Thousand ($195,000) Dollars.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. Actual results could differ from those estimates. Significant estimates include the fair value of assets and liabilities, income taxes and the valuation allowances related to deferred tax assets and contingencies.</p>
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