2023 Q2 Form 10-K Financial Statement

#000147793223002555 Filed on April 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $21.98K $424.5K
YoY Change -30.25%
Cost Of Revenue $93.11K $685.8K
YoY Change 49.46%
Gross Profit -$71.13K -$261.4K
YoY Change -274.66%
Gross Profit Margin -323.61% -61.58%
Selling, General & Admin $62.61K $398.6K
YoY Change 2.76%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.720K $8.189K
YoY Change -66.11%
% of Gross Profit
Operating Expenses $72.73K $422.3K
YoY Change -1.75%
Operating Profit -$143.9K -$683.7K
YoY Change 144.01%
Interest Expense -$9.040K -$34.76K
YoY Change 16.61%
% of Operating Profit
Other Income/Expense, Net $0.00 $37.84K
YoY Change 790.35%
Pretax Income -$152.9K -$680.6K
YoY Change 150.16%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$100.0K -$404.9K
YoY Change 48.83%
Net Earnings / Revenue -455.14% -95.4%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 1.395B shares 1.395B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.68K $56.68K
YoY Change -88.29%
Cash & Equivalents $56.68K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $877.3K $877.3K
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $15.00K $15.00K
Total Short-Term Assets $949.0K $949.0K
YoY Change -30.68% -30.68%
LONG-TERM ASSETS
Property, Plant & Equipment $287.3K $287.3K
YoY Change 6.21% 6.21%
Goodwill $693.1K
YoY Change 0.0%
Intangibles $68.54K
YoY Change -8.3%
Long-Term Investments
YoY Change
Other Assets $2.000K $2.000K
YoY Change 0.0%
Total Long-Term Assets $1.051M $1.051M
YoY Change 1.02% 1.02%
TOTAL ASSETS
Total Short-Term Assets $949.0K $949.0K
Total Long-Term Assets $1.051M $1.051M
Total Assets $2.000M $2.000M
YoY Change -16.99% -16.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.39K $19.39K
YoY Change -60.23% -60.23%
Accrued Expenses $0.00 $1.608M
YoY Change -100.0% 34.22%
Deferred Revenue
YoY Change
Short-Term Debt $39.61K $39.61K
YoY Change -51.79%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.667M $1.667M
YoY Change 25.44% 25.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.032M $1.032M
YoY Change -6.09%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.032M $1.032M
YoY Change -6.09% -6.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.667M $1.667M
Total Long-Term Liabilities $1.032M $1.032M
Total Liabilities $2.699M $2.616M
YoY Change 11.17% -0.17%
SHAREHOLDERS EQUITY
Retained Earnings -$24.30M
YoY Change 1.69%
Common Stock $13.95K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$616.4K -$616.4K
YoY Change
Total Liabilities & Shareholders Equity $2.000M $2.000M
YoY Change -16.99% -16.99%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$100.0K -$404.9K
YoY Change 48.83%
Depreciation, Depletion And Amortization $8.720K $8.189K
YoY Change -66.11%
Cash From Operating Activities -$551.1K -$718.5K
YoY Change -35.79%
INVESTING ACTIVITIES
Capital Expenditures -$94.64K $25.34K
YoY Change -107.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $94.64K -$25.34K
YoY Change -96.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 345.7K $316.3K
YoY Change -86.01%
NET CHANGE
Cash From Operating Activities -551.1K -$718.5K
Cash From Investing Activities 94.64K -$25.34K
Cash From Financing Activities 345.7K $316.3K
Net Change In Cash -110.7K -$427.6K
YoY Change -188.3%
FREE CASH FLOW
Cash From Operating Activities -$551.1K -$718.5K
Capital Expenditures -$94.64K $25.34K
Free Cash Flow -$456.5K -$743.8K
YoY Change -3.18%

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CY2022 us-gaap Nature Of Operations
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><span class="atag" id="nt" style="display: inline">Note 1 – Organization and History</span></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 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.   </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 interests 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 acquired 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>
CY2022 us-gaap Use Of Estimates
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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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CY2021Q1 us-gaap Goodwill Gross
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CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
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CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt
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CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
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CY2021Q1 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
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CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Common Stock Shares Issued
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