2023 Q3 Form 10-Q Financial Statement

#000173112223001400 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.34M $16.52M $258.4K
YoY Change 10.0% 6292.01%
Cash & Equivalents $5.439M $16.52M $258.4K
Short-Term Investments $9.897M
Other Short-Term Assets $130.0K $158.8K $33.27K
YoY Change -70.9% 377.34%
Inventory $777.8K $522.0K $16.83K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.24M $17.20M $308.5K
YoY Change 12.9% 5474.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.052M $998.0K $378.4K
YoY Change 66.64% 163.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $7.520K
YoY Change
Other Assets $247.1K
YoY Change
Total Long-Term Assets $1.157M $1.125M $625.5K
YoY Change 83.23% 79.78%
TOTAL ASSETS
Total Short-Term Assets $16.24M $17.20M $308.5K
Total Long-Term Assets $1.157M $1.125M $625.5K
Total Assets $17.40M $18.32M $934.0K
YoY Change 15.85% 1861.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.51K $79.12K $5.442K
YoY Change -2.46% 1353.84%
Accrued Expenses $73.90K $111.5K $41.52K
YoY Change 532.15% 168.63%
Deferred Revenue $5.800K
YoY Change
Short-Term Debt $0.00 $104.0K $11.16K
YoY Change -100.0% 832.26%
Long-Term Debt Due $20.00K $17.02K
YoY Change
Total Short-Term Liabilities $226.4K $406.9K $58.13K
YoY Change 14.77% 599.94%
LONG-TERM LIABILITIES
Long-Term Debt $60.00K $67.72K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $23.07K
YoY Change
Total Long-Term Liabilities $63.33K $90.79K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $226.4K $406.9K $58.13K
Total Long-Term Liabilities $63.33K $90.79K $0.00
Total Liabilities $289.7K $497.7K $58.13K
YoY Change 46.88% 756.12%
SHAREHOLDERS EQUITY
Retained Earnings -$8.623M -$7.576M -$1.624M
YoY Change 223.34% 366.49%
Common Stock $15.78K $15.78K $7.000K
YoY Change 51.04% 125.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.11M $17.82M $875.9K
YoY Change
Total Liabilities & Shareholders Equity $17.40M $18.32M $934.0K
YoY Change 15.85% 1861.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Facts In Submission

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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
409505 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
750596 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
343697 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
119843 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6856078 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-272382 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3749121 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1544894 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12767199 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1803285 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16516320 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
258391 usd
us-gaap Interest Paid Net
InterestPaidNet
1784 usd
us-gaap Interest Paid Net
InterestPaidNet
858 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
92405 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zuyTfMjG9TYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86F_zNC6ODAzEQra">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States “U.S. GAAP” requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Included in those estimates are assumptions about useful life of fixed assets. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16516320 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12767199 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zVQhP2QoUGN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_862_ztUk6IMwPHha">Concentrations of Credit and Business Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $<span id="xdx_903_ecustom--FdicInsuredLimit_c20230630_pp0p0" title="FDIC insured limit">250,000</span> are at risk. As of June 30, 2023 and December 31, 2022, the Company had $<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_c20230630_pp0p0" title="FDIC excess amount">16,205,328</span> and $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_c20221231_pp0p0" title="FDIC excess amount">12,446,216</span>, respectively, in excess of FDIC insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q2 FRZA Fdic Insured Limit
FdicInsuredLimit
250000 usd
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
16205328 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
12446216 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1130410 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
813917 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
132437 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
48511 usd
CY2023Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
997973 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
765406 usd
us-gaap Depreciation
Depreciation
83926 usd
us-gaap Depreciation
Depreciation
19072 usd
CY2022 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.0033
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P2Y
CY2022Q4 us-gaap Payments For Rent
PaymentsForRent
7517 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
7517 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
119036 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
162069 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
89349 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
86245 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23072 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
68532 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
112421 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
154777 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
45777 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
69680 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
115456 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3035 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
112421 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2023Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y2M15D
us-gaap Operating Lease Cost
OperatingLeaseCost
45100 usd
us-gaap Lease Cost
LeaseCost
45100 usd
CY2023Q1 FRZA Net Asset Value
NetAssetValue
43579 usd
CY2023Q1 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P60M
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.075 pure
CY2023Q1 FRZA Net Asset Value
NetAssetValue
48826 usd
CY2023Q1 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P60M
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.03 pure
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
17019 usd
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
67720 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
10475 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
20950 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
20950 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
20950 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
20945 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
874 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
95144 usd
CY2023Q2 FRZA Finance Lease Imputed Interest
FinanceLeaseImputedInterest
10405 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
84739 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
409505 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
750596 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
343697 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
119843 usd
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
79731 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
56581 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31813 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
36186 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
111544 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
92767 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16516320 usd
CY2023Q2 FRZA Working Capital
WorkingCapital
16790215 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12767199 usd
CY2022Q4 FRZA Working Capital
WorkingCapital
12833743 usd
us-gaap Net Income Loss
NetIncomeLoss
-3488786 usd
us-gaap Net Income Loss
NetIncomeLoss
-1166575 usd
us-gaap Short Term Lease Payments
ShortTermLeasePayments
2200 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
11000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
0 usd
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
172500 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.25
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
306705 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.88
FRZA Warrant Activity
WarrantActivity
0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
682980 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.11 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.15 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0298 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0362 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1441500 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.41
CY2022 FRZA Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm2
P10Y
CY2022 FRZA Fair Value Of Option Granted
FairValueOfOptionGranted
4009913 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1441500 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.41
FRZA Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Option Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionWeightedAverageRemainingContractualTerm2
P0Y25D
CY2022Q4 FRZA Fair Value Of Option Outstanding
FairValueOfOptionOutstanding
4009913 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
36944 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue
1.33
FRZA Sharebased Compensation Arrangement By Sharebased Payment Award Options Forfeited Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeitedWeightedAverageRemainingContractualTerm2
P9Y8M26D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1404556 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.46
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P9Y3M7D
CY2023Q2 FRZA Fair Value Of Option Outstanding
FairValueOfOptionOutstanding
4009913 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
360125 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.98
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y2M19D

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