2024 Q1 Form 10-K Financial Statement

#000160064124000022 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $22.06M $20.92M $84.68M
YoY Change -0.52% -8.86% -12.56%
Cost Of Revenue $6.076M $5.967M $25.11M
YoY Change -16.85% -11.76% -15.37%
Gross Profit $15.99M $14.96M $59.57M
YoY Change 7.5% -7.66% -11.32%
Gross Profit Margin 72.46% 71.48% 70.35%
Selling, General & Admin $16.18M $15.69M $65.23M
YoY Change -9.58% -17.86% -9.87%
% of Gross Profit 101.21% 104.89% 109.49%
Research & Development $4.745M $4.445M $21.64M
YoY Change -18.12% -22.37% -11.43%
% of Gross Profit 29.68% 29.72% 36.33%
Depreciation & Amortization $462.0K $463.0K $2.278M
YoY Change -50.8% -11.13% -15.94%
% of Gross Profit 2.89% 3.1% 3.82%
Operating Expenses $21.34M $20.13M $90.60M
YoY Change -14.83% -18.9% -2.64%
Operating Profit -$5.352M -$5.176M -$31.03M
YoY Change -47.43% -40.01% 19.9%
Interest Expense $1.692M $1.706M $0.00
YoY Change 98.37% -100.0%
% of Operating Profit
Other Income/Expense, Net $2.049M $543.0K $8.342M
YoY Change 0.05% -42.48% 147.1%
Pretax Income -$3.303M -$2.927M -$22.69M
YoY Change -59.39% -57.11% 0.82%
Income Tax $0.00 $14.00K $14.00K
% Of Pretax Income
Net Earnings -$3.303M -$2.941M -$22.70M
YoY Change -59.39% -57.13% 0.71%
Net Earnings / Revenue -14.97% -14.06% -26.8%
Basic Earnings Per Share -$0.08 -$0.57
Diluted Earnings Per Share -$0.08 -$0.07 -$0.57
COMMON SHARES
Basic Shares Outstanding 39.75M shares 39.98M shares 39.72M shares
Diluted Shares Outstanding 39.75M shares 39.72M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.2M $139.3M $139.3M
YoY Change -10.79% -9.06% -9.06%
Cash & Equivalents $33.73M $37.40M $37.40M
Short-Term Investments $100.5M $101.9M $101.9M
Other Short-Term Assets $2.230M $2.214M $5.246M
YoY Change 119.27% 176.75% -9.65%
Inventory
Prepaid Expenses $2.064M $3.032M
Receivables $610.0K $600.0K $643.0K
Other Receivables $3.448M $2.670M $2.670M
Total Short-Term Assets $142.6M $147.9M $147.9M
YoY Change -10.06% -8.98% -8.98%
LONG-TERM ASSETS
Property, Plant & Equipment $3.600M $3.384M $23.04M
YoY Change 13.31% -8.17% -10.27%
Goodwill $4.109M $4.116M
YoY Change 0.39% 1.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.228M $2.200M $5.780M
YoY Change 1196.39% 794.31% 61.45%
Total Long-Term Assets $36.88M $32.94M $32.94M
YoY Change 14.47% -1.19% -1.19%
TOTAL ASSETS
Total Short-Term Assets $142.6M $147.9M $147.9M
Total Long-Term Assets $36.88M $32.94M $32.94M
Total Assets $179.5M $180.8M $180.8M
YoY Change -5.92% -7.65% -7.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.287M $3.580M $3.580M
YoY Change -18.61% 23.24% 23.24%
Accrued Expenses $9.525M $10.88M $13.99M
YoY Change -12.53% 1.13% 4.47%
Deferred Revenue $100.0K
YoY Change 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.33M $27.71M $27.71M
YoY Change 2.27% 6.37% 6.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.000K $6.000K $18.82M
YoY Change -90.0% -86.96% -13.38%
Total Long-Term Liabilities $3.000K $6.000K $18.82M
YoY Change -90.0% -86.96% -13.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.33M $27.71M $27.71M
Total Long-Term Liabilities $3.000K $6.000K $18.82M
Total Liabilities $48.45M $46.53M $46.53M
YoY Change 1.55% -2.61% -2.61%
SHAREHOLDERS EQUITY
Retained Earnings -$317.0M -$313.7M
YoY Change 5.97% 7.8%
Common Stock $411.0K $407.0K
YoY Change 4.05% 3.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.0M $134.3M $134.3M
YoY Change
Total Liabilities & Shareholders Equity $179.5M $180.8M $180.8M
YoY Change -5.92% -7.65% -7.65%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.303M -$2.941M -$22.70M
YoY Change -59.39% -57.13% 0.71%
Depreciation, Depletion And Amortization $462.0K $463.0K $2.278M
YoY Change -50.8% -11.13% -15.94%
Cash From Operating Activities -$3.061M -$2.081M -$13.56M
YoY Change 9.28% -62.19% -51.44%
INVESTING ACTIVITIES
Capital Expenditures $196.0K $512.0K $88.00K
YoY Change 880.0% 166.67% -5.38%
Acquisitions
YoY Change
Other Investing Activities $2.085M $9.880M -$2.000K
YoY Change 82233.33% -133.33%
Cash From Investing Activities $1.438M $9.368M -$100.2M
YoY Change -102.29% -5304.44% -892.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.374M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.966M -2.395M -$3.629M
YoY Change -6441.94% -591.79% -278.33%
NET CHANGE
Cash From Operating Activities -$3.061M -2.081M -$13.56M
Cash From Investing Activities $1.438M 9.368M -$100.2M
Cash From Financing Activities -$1.966M -2.395M -$3.629M
Net Change In Cash -$3.645M 4.892M -$117.1M
YoY Change -94.43% -194.13% 766.14%
FREE CASH FLOW
Cash From Operating Activities -$3.061M -$2.081M -$13.56M
Capital Expenditures $196.0K $512.0K $88.00K
Free Cash Flow -$3.257M -$2.593M -$13.64M
YoY Change 15.46% -54.48% -51.28%

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CY2022 us-gaap Net Income Loss
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157438000 usd
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CY2021 us-gaap Net Income Loss
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CY2022 us-gaap Depreciation Depletion And Amortization
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CY2023 us-gaap Share Based Compensation
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CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2023 dibs Provision For Transaction Losses Returns And Refunds
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CY2022 dibs Provision For Transaction Losses Returns And Refunds
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CY2023 us-gaap Capitalized Contract Cost Amortization
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447000 usd
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CY2022 dibs Deferred Rent Noncash Expense
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CY2021 dibs Deferred Rent Noncash Expense
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194000 usd
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0 usd
CY2022 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
9684000 usd
CY2021 us-gaap Gain Loss On Sale Of Business
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0 usd
CY2023 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
3390000 usd
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1418000 usd
CY2022 us-gaap Increase Decrease In Other Receivables
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323000 usd
CY2021 us-gaap Increase Decrease In Other Receivables
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CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
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2136000 usd
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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615000 usd
CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
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145000 usd
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CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 dibs Increase Decrease In Payables To Sellers
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CY2021 dibs Increase Decrease In Payables To Sellers
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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0 usd
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1027000 usd
CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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191093000 usd
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92653000 usd
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CY2021 us-gaap Payments To Develop Software
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2110000 usd
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93000 usd
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129000 usd
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CY2022 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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14611000 usd
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6000 usd
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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353000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
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2035000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2021 us-gaap Payments Of Stock Issuance Costs
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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2035000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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58195000 usd
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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158043000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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171559000 usd
CY2023 us-gaap Income Taxes Paid Net
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18000 usd
CY2022 us-gaap Income Taxes Paid Net
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26000 usd
CY2021 us-gaap Income Taxes Paid Net
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69000 usd
CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
10000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
16000 usd
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0 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
0 usd
CY2021 us-gaap Temporary Equity Accretion To Redemption Value
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7061000 usd
CY2023 us-gaap Conversion Of Stock Amount Converted1
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0 usd
CY2022 us-gaap Conversion Of Stock Amount Converted1
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0 usd
CY2021 us-gaap Conversion Of Stock Amount Converted1
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305586000 usd
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CY2022 dibs Stock Offering Costs Incurred But Not Yet Paid
StockOfferingCostsIncurredButNotYetPaid
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CY2021 dibs Stock Offering Costs Incurred But Not Yet Paid
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CY2023 us-gaap Stock Issued1
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CY2022 us-gaap Stock Issued1
StockIssued1
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CY2021 us-gaap Stock Issued1
StockIssued1
767000 usd
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19243795 shares
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5500000 usd
CY2023 us-gaap Use Of Estimates
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<div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, provision for transaction losses, impairment assessment of goodwill, capitalization of internal-use software and determination </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of useful lives, income taxes, and the valuation of stock-based compensation and leases. The Company evaluates its estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements.</span></div>
CY2023 us-gaap Number Of Operating Segments
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1 segment
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023 us-gaap Number Of Reporting Units
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1 reporting_unit
us-gaap Number Of Reporting Units
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1 reporting_unit
CY2021 us-gaap Goodwill Impairment Loss
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0 usd
CY2022 us-gaap Goodwill Impairment Loss
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0 usd
CY2023 us-gaap Goodwill Impairment Loss
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0 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. Cash and cash equivalents are placed with large financial institutions that management believes are of high credit quality. At times, the Company’s cash balances with individual banking institutions are in excess of federally insured limits. The Company has not experienced any credit losses related to its cash and cash equivalents balance.
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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37395000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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3580000 usd
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3333000 usd
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CY2022Q4 us-gaap Interest Receivable
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200000 usd
CY2022Q4 us-gaap Allowance For Doubtful Other Receivables Current
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300000 usd
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CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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CY2023Q4 us-gaap Capitalized Contract Cost Amortization Period
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100000 usd
CY2022Q4 us-gaap Contract With Customer Liability
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CY2022 us-gaap Advertising Expense
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21200000 usd
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396000 usd
CY2023 us-gaap Restructuring Costs
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2004000 usd
CY2022 us-gaap Restructuring Costs
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660000 usd
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84684000 usd
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96849000 usd
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CY2021Q4 us-gaap Contract With Customer Liability
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160000 usd
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100000 usd
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500000 usd
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300000 usd
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200000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
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500000 usd
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300000 usd
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200000 usd
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300000 usd
CY2022 us-gaap Capitalized Contract Cost Amortization
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300000 usd
CY2021 us-gaap Capitalized Contract Cost Amortization
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125000 usd
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12723000 usd
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100000 usd
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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20854000 usd
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3384000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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3685000 usd
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1534000 usd
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1378000 usd
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1172000 usd
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1327000 usd
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557000 usd
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970000 usd
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401000 usd
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438000 usd
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1121000 usd
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1189000 usd
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10883000 usd
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10761000 usd
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19700000 usd
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3100000 usd
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18800000 usd
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4100000 usd
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4200000 usd
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0.78
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1100000 usd
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900000 usd
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P5Y
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3970000 usd
CY2022 us-gaap Operating Lease Cost
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3988000 usd
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120000 usd
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111000 usd
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1124000 usd
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1058000 usd
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5214000 usd
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5157000 usd
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912000 usd
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4302000 usd
CY2022 us-gaap Lease Cost
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5157000 usd
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4255000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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2374000 usd
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4410000 usd
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3435000 usd
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4292000 usd
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3504000 usd
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4292000 usd
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3574000 usd
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4292000 usd
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3645000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4292000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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3718000 usd
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25833000 usd
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20250000 usd
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3914000 usd
CY2023Q4 us-gaap Operating Lease Liability
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21919000 usd
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2462000 usd
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1863000 usd
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377000 usd
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318000 usd
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779000 usd
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248000 usd
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3618000 usd
CY2022Q4 us-gaap Other Liabilities Current
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2429000 usd
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10000000 shares
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Authorized
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3500000 usd
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16500000 usd
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0
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P6Y10M24D
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1625000 usd
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826000 usd
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