ADDVANTAGE TECHNOLOGIES GROUP INC
addvantagetechnologies.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 14, 2023. Its latest SEC filing is a 25-NSE from Mar 21, 2024.
10-Q for Q3 FY2023, filed Nov 14, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Sold new and refurbished telecommunications networking equipment to providers, businesses and resellers, and provided wireless site installation and upgrade services to carriers and tower companies.
10-K for FY2022, filed Mar 21, 2023The Telco segment provides quality new and used telecommunication networking equipment, including both central office and customer premise…View ↗
We provide turn-key wireless infrastructure services for the four major U.S. wireless carriers, communication tower companies, national…View ↗
The Telco segment accounted for 68%, 62%, and 67% of consolidated revenues for the year ended December 31, 2022, the transition period of…View ↗
How Did They Make Money?
Telecommunications equipment and repair sales generally brought in revenue when goods shipped; wireless installation and upgrade work generated revenue as jobs progressed, and customers sometimes paid advances or deposits for that work.
10-K for FY2022, filed Mar 21, 2023The Company recognizes revenue at the time a good or service is transferred to the customer and the customer, obtains control of that good…View ↗
Additionally, the Company provides services related to the installation and upgrade of technology on cell sites and the construction of new…View ↗
The timing of revenue recognition from the wireless segment results in contract assets and contract liabilities. Generally, billing occurs…View ↗
$97M
-
10-K for FY2022, filed Mar 22, 2023
$97M ↗
Who Were Their Customers?
Wireless carriers and tower companies bought infrastructure services; telecommunications providers, businesses and resellers bought equipment through sales staff, while end users also bought through online sales channels.
10-K for FY2022, filed Mar 21, 2023We provide turn-key wireless infrastructure services for the four major U.S. wireless carriers, communication tower companies, national…View ↗
The Telco segment provides quality new and used telecommunication networking equipment, including both central office and customer premise…View ↗
The Telco segment accounted for 68%, 62%, and 67% of consolidated revenues for the year ended December 31, 2022, the transition period of…View ↗
Did Revenues Turn Into Profits?
Yes. It kept less than a cent of every revenue dollar as net income in FY2022.
10-K for FY2022, filed Mar 22, 2023
How Were They Changing?
- Net income
-
Sources
10-Q for Q3 FY2023, filed Nov 15, 2023
−$2.7MView ↗
- ▼ Now a loss
- vs $1.5M in Q3 FY2022
-
Feb 5, 2024
Nasdaq determined it would delist the company's securities
Trading was set to be suspended at the opening of business on February 13, 2024; the company did not plan to appeal.
Sources
8-K, filed Feb 5, 2024
The Company does not intend to appeal the Staff’s determination. Therefore, the Company expects that the trading of the Company’s common…View ↗
-
Feb 1, 2024
The company and its subsidiaries filed for Chapter 7 bankruptcy
They had ceased operations; the CEO and interim chief financial officer resigned, and a trustee was to liquidate assets.
Sources
8-K, filed Feb 1, 2024
On January 31, 2024, ADDvantage Technologies Group, Inc. (the “Company”) and each of its subsidiaries, Fulton Technologies, Inc.…View ↗
-
Dec 29, 2023
The chief financial officer resigned
His resignation took effect January 4, 2024; an interim chief financial officer was appointed.
Sources
8-K, filed Dec 29, 2023
On December 26, 2023, Michael Rutledge, the Chief Financial Officer ADDvantage Technologies Group, Inc., an Oklahoma corporation (the…View ↗
Grew. Revenue grew 3.5x in 4 years, from $27.5M in FY2018 to $97M in FY2022, about 37% a year.
Loading...
